According to the statement made by the CMB, in the workshop held online on 28-30 June with the wide participation of relevant institutions from the public and private sectors, it was aimed to combat the consequences of environmental disasters such as drought, flood, fire, sea pollution caused by climate change in the economy and financial markets, and to contribute to climate change. In order to develop the necessary financing tools to reduce the risks arising from adaptation and climate change and to leave a more livable world to future generations, multi-dimensional evaluations and technical study meetings were held in order to develop the rapidly growing green/sustainable finance approach in our country.
The meeting opened with the speeches of CMB Chairman Ali Fuat Taşkesenlioğlu and WB Turkey Country Director Auguste Kouame, Presidency Finance Office, Ministry of Treasury and Finance, Banking Regulation and Supervision Board (BDDK), Central Bank of the Republic of Turkey (CBRT), Borsa Istanbul, Turkish Capital Markets Association (TSPB), Turkish Investor Relations Association, International Finance Corporation (IFC), International Capital Markets Association (ICMA), Turkish Industrial Development Bank (TSKB), Turkish Development and Investment Bank, Garanti BBVA, Escarus, PwC Turkey and Is Asset Management AŞ representatives attended.
In his speech at the workshop, CMB Chairman Ali Fuat Taşkesenlioğlu stated that the transition to a low carbon economy in the fight against climate change requires large fixed capital investments, and that the Turkish finance sector can play a key role in the green transformation of the economy with the contribution of innovative financial instruments such as green bonds and the regulatory framework in providing the necessary financing. stated.
World Bank Turkey Country Director Auguste Kouame noted that climate risk may have negative effects on the economy and the financial sector, and stated that the financing of sustainable development is among the World Bank’s global priorities and that they cooperated with the CMB to facilitate the development of the green finance ecosystem in Turkey.
– It is aimed to diversify investments that contribute to sustainable development.
According to the statement, the International Finance Corporation (IFC) and domestic banks stated that due to the high demand of sustainability funds in international markets, they found the opportunity to expand the investor base and reduce the cost of borrowing in green bonds and green lease certificate issuances.
According to the statement, which aims to encourage the financing of investments that will contribute positively to the environment, within the scope of the preparations for the “CMBGreen Bond and Green Lease Certificate Guide” Action included in the Economic Reforms Package published in March 2021, the regulatory framework in the field of green bonds and the issuance of green financial instruments in the capital market. It was stated that it was aimed to increase the investor confidence in public disclosure, verification obligations and to diversify investment opportunities in projects that contribute to sustainable development.
In the workshop sessions, the experience of coordinating the works of public institutions in the field of green finance, issuer companies, Stock Exchange, institutional investors and similar market participants and international organizations were evaluated.
According to the statement, at the meeting, it was stated that the physical and transition risks caused by environmental problems could affect the stability in financial markets and the continuity of institutions, and that climate risk is seen as a new financial risk and investment risk today, and institutional investors are no longer considering the financial performance of companies, as well as environmental, social and institutional risks. It was emphasized that management performances were also taken into account.