Akbank CEO Kaan Gür offers his views on Turkey’s shifting sustain-ability agenda and why his bank has adapted its ESG policies to clients’ changing needs.
Global Finance: Turkey was once notable for being slow in adopting a sustainability agenda, but this has changed dramatically. Why?
Kaan Gür: The recent acceleration of green investments in Turkey can be attributed, first, to a growing awareness of the environmental and social consequences of unsustainable systems. Today, many investors prioritize environmental and social impacts alongside financial returns. Public authorities in Turkey have also taken significant steps to advance sustainability. In parallel, Turkey has seen a considerable rise in foreign capital inflows in recent years, particularly those aligned with the green transformation agenda.
At Akbank, we have always viewed green transformation as an opportunity for Turkey. Public authorities also share a similar outlook. Apart from the environmental and social benefits, the transformation of the Turkish market in line with sustainable development goals will increase its competitiveness in global trade.
GF: Akbank has won several of our Sustainable Finance Awards 2025. What makes it stand out compared to competitors?
Gür: We are truly honored to receive these prestigious awards from Global Finance. An effective sustainable finance structure requires a bank to align itself with both client needs and investor preferences, which increasingly emphasize ESG factors. Akbank excels in managing this balance by creating a sustainable finance ecosystem that offers capacity-building initiatives, digital sustainability services, and specialized partnerships. Our proactive engagement with clients to support their green transition remains a key driver of our success in this area. Furthermore, our firm commitment to achieving net-zero emissions by 2050 underscores our leadership in sustainable finance.
GF: What criteria do you use when assessing new projects’ ESG credentials?
Gür: We have integrated environmental and social risk evaluations into our loan policies. Beyond the traditional risk perspective, since 2021, Akbank has been providing sustainable financing in green and social categories under our Sustainable Financing Framework.
We continuously adapt to meet investor priorities and market expectations, where long-term environmental and social impacts are as critical as financial returns. In 2023, we updated the Sustainable Finance Framework to include new green, blue, and social thematic areas. As the first deposit bank in the Turkish banking sector to set concrete sustainability targets, Akbank remains committed to providing TL800 billion ($22.2 billion) in sustainable financing by 2030 under this framework.
GF: What sectors of the Turkish economy have the most promise for green projects?
Gür: We prioritize the transformation of the energy sector, as it serves as a catalyst for the decarbonization of all carbon-intensive industries. Significant investments in renewable energy have been made in recent years and continue to gain momentum. The incentive programs implemented by the Ministry of Energy and Natural Resources have played a key role in sustaining this growth.
That said, given Turkey’s exposure to climate risks, project-based climate risk assessments are essential before proceeding with renewable energy investments, particularly in hydroelectric. We expect this issue to gain even greater importance in the near future.
Green hydrogen holds substantial potential for Turkey, particularly as an export to the EU market, making it a key priority for investment. In addition, energy storage and grid modernization are essential to support the expansion of the renewable energy sector.
Green investments in carbon-intensive sectors such as cement, iron and steel, and chemicals are critical, prioritized for green transformation under the EU Green Deal. Energy efficiency also represents a key area of focus.
GF: What financial instruments do you consider most effective in driving the green agenda forward?
Gür: There is a clear need for innovative financing structures that actively incentivize sustainable practices. In this context, sustainable external borrowing instruments have emerged as highly effective tools in recent years. These include green bonds and sustainable syndicated loans.
However, for a developing country like Turkey, where small to midsized enterprises form a significant part of the economy, programs supported by international funds are the most impactful. Such structures not only provide financial support but also offer technical consultancy services to accelerate the green transformation of various sectors.
