Sustainability is embedded in Garanti BBVA’s culture, business, financing solutions, and advisory services. Garanti BBVA’s Cemal Onaran, Commercial Banking Executive Vice President, and İrem Barzilay, Sustainability Director, explain the bank’s decarbonization journey and its contribution to Turkey’s green transformation.
Global Finance (GF): Garanti BBVA’s sustainable finance target of TRY 3.5 trillion (EUR$70 billion) is the highest in Turkey. What are your main goals?
Cemal Onaran (CO): Sustainable finance is not just a financial product: for us, it represents nearly two decades of corporate culture and long-term responsibility to society and the environment.
Our journey began in 2006, when we launched our Women Entrepreneurs Programme, placing social empowerment at the core of our sustainability vision. We then established an executive-level committee to embed sustainability more systematically and strategically across our organisation.
Sustainability goes beyond good intention. It’s about transparently measuring and reporting – as well as continuously improving – our impact. Garanti BBVA was the first bank in Turkey to adopt the Equator Principles, and we monitor and publicly disclose our environmental and social performance in line with international standards. We are also proud to be recognised among global leaders in the CDP and Dow Jones Sustainability Index.
Today, ESG criteria are fully integrated into credit assessment and portfolio monitoring, helping us anticipate transition risks, support clients in carbon-intensive industries on their sustainability journeys, and capture new opportunities emerging from Turkey’s green transformation.
In the first half of 2025, we surpassed our initial sustainable finance target of TRY 400 billion for the 2018-2025 period. Our new commitment is TRY 3.5 trillion in sustainable financing for 2018-2029, the highest for Turkey’s banking sector. The additional TRY 3.1 trillion will support projects focused on energy transition, sustainable production and consumption, sustainable water and waste management, conservation of natural capital, and inclusive growth. Further, to help tackle the climate crisis, we are implementing tangible measures to lower emissions within our own operations and throughout our portfolio. Garanti BBVA’s decarbonization roadmap is fully aligned with BBVA Group’s global net-zero strategy, anchored in our 2050 net-zero commitment and our 2040 coal phase-out commitment. Guided by BBVA’s global vision and Garanti BBVA’s leadership in Turkey, we continue to play an active role in driving this transformation, ensuring that sustainability remains at the heart of our business and contributes meaningfully to the country’s long-term transition.
GF: The bank’s sustainable financing portfolio spans energy transition to sustainable manufacturing. How do you balance climate action and inclusive growth financing?
CO: We have a dual commitment to sustainability: advancing climate action while promoting inclusive growth. Financing the green transition is essential, but so is ensuring no-one is left behind.
That’s why our sustainable finance portfolio encompasses both environmental and social dimensions. We channel funding not only to large-scale renewable energy projects, but also to SMEs, women-led enterprises, and underserved communities. We ensure financial innovation and social inclusion progress hand-in-hand.
İrem Barzilay (IB): Empowering employees to drive this transformation is equally essential. We continue to train and equip our relationship managers with sustainability expertise and access to innovative financial solutions, enabling them to offer effective advisory services that support clients’ transition strategies.
This approach enables us to finance large-scale green infrastructure projects while advancing social impact initiatives, such as our flagship Women Entrepreneurs Programme, which has provided more than TRY 225 billion in financing to women-owned businesses and supported 6,000 participants.
GF: How do you differentiate your offering to maintain a leading position in this fast-changing environment?
IB: Our core products include green loans, social loans and bonds that support renewable energy and energy-efficiency investments, sustainability-linked loans (SLLs), eco-friendly vehicle loans, energy efficient housing and leasing products, and blue finance products focused on water and marine ecosystem preservation.
In all cases, these are designed to create environmental and social value. Our differentiation also comes through acting as a strategic partner to clients, advising on their decarbonization strategy, and facilitating access to sustainable capital markets. Especially for our clients active in carbon-intensive sectors, we provide active advisory services to help them design and execute decarbonization and ESG roadmaps, ensuring that they are aligned with the transition toward a low-carbon economy and meet evolving regulatory and stakeholder expectations.
By taking this approach, Garanti BBVA is at the forefront of sustainable finance in Turkey. For example, we pioneered one of the country’s first green bonds, issued one of the first ESG-linked syndicated loans, and structured one of the earliest gender equality-themed facilities.
Building on this legacy of innovation, Garanti BBVA issued the first Biodiversity Blue bond in Turkey. This landmark transaction supports the preservation of biodiversity across the Mediterranean basin. By integrating blue finance principles with nature-positive investment, it marks a new milestone in mobilising capital for the planet’s vital natural assets.
This bond also represents the next chapter of our sustainability vision: extending beyond decarbonization to foster an economy that is both environmentally responsible and socially inclusive.
GF: What are the most promising areas of innovation that will shape Garanti BBVA’s sustainable finance journey in the coming years?
IB: We see significant momentum ahead in emerging areas such as blue finance and natural capital investments. Since early 2024, we have channeled close to TRY 1 billion into blue finance initiatives, primarily supporting the construction and modernization of wastewater treatment facilities. Our recent biodiversity bond issuance marks an important step forward, positioning us for the next phase of sustainable finance. These investments not only safeguard vital ecosystems but also generate tangible economic value, reflecting how sustainability and growth increasingly go hand in hand.
At the same time, we are deepening our focus on transition finance, a crucial enabler for high-emission sectors to decarbonize responsibly. With our dedicated sustainability advisory team, we are supporting our clients in setting credible, science-based targets and implementing actionable pathways. We aim to help Turkey’s industries maintain their global competitiveness amid rising stakeholder expectations and regulatory requirements.
CO: The next frontier of sustainable finance will be defined by how effectively we integrate data into financial decision-making. We see strong potential in digital ESG solutions, which are becoming critical to a resilient and future-ready economy.
We have also digitalised sustainability-themed credit applications, allowing clients to access sustainability-focused loans through mobile and internet banking channels. This digital integration significantly reduces their operational footprint and promotes wider adoption of sustainable finance.
Looking ahead, we will continue to combine our technological capabilities, advisory strength and international experience to ensure sustainable finance not only supports business transformation but also accelerates Turkey’s transition to a low-carbon and inclusive economy.
