Environmental issues such as climate change, depletion of natural resources, and uncontrolled waste management are global crises that compel not only individuals but also institutions to develop urgent and effective solutions. At VakıfBank, we act with this awareness and place the responsibility of environmental protection at the core of our corporate strategy.
Established in 2015, the Environmental Management Service has implemented significant projects to enhance our environmental performance. In 2024, with changes in our organizational structure, the duties and authorities of this service were restructured under the Environmental Management Unit, which operates within the Sustainable Banking Department.
VakıfBank adopts an environmentally conscious approach in all its activities; it takes decisive steps toward efficient use of natural resources, combating climate change, and reducing environmental impacts. The fundamental principles and rules of our approach to managing environmental processes are outlined in our Environmental Policy.
In 2017, aiming to establish an environmental management system compliant with international standards, we obtained the ISO 14001:2015 Environmental Management System certificate, officially certifying that we manage the direct environmental impacts of our banking activities in accordance with international standards. In 2021, we ensured that all Bank employees work in ISO 14001 certified buildings.
VakıfBank is a pioneer bank in Turkey, exemplary in environmental, social, and governance performance, having established the ISO Integrated Management System in 2021, which comprises ISO 9001 Quality Management System, ISO 14001 Environmental Management System, and ISO 45001 Occupational Health and Safety Management System. In 2023, we also incorporated the ISO 50001 Energy Management System certification into our integrated management system, thereby certifying our compliance with international standards in energy management.
We manage the effectiveness, continuity, and continuous improvement of the Environmental Management System through established procedures, while internal audits by the Internal Audit Department and external audits by independent audit firms ensure compliance with standards. In 2024, the audits for the Integrated Management System (ISO 9001, ISO 14001, ISO 45001, ISO 50001) were successfully completed, ensuring the sustainability of the system.
All documentation within the scope of the standards is monitored via an electronic database. While all our branches, headquarters buildings, and data centers are included in the scope, at least one certified employee is present at every location along with ongoing trainings.
Our consumption data is recorded monthly together with invoices and similar documents, and our environmental performance is monitored via an electronic database system. We calculate our financed emissions in accordance with the PCAF (Partnership for Carbon Accounting Financials) methodology. System development efforts for data tracking and calculations are ongoing.
Since 2020, our greenhouse gas emissions have been calculated in accordance with the ISO 14064 standard and shared with the public following third-party audits. In 2024, our emissions have also been prepared according to the GHG Protocol (Greenhouse Gas Protocol: Corporate Accounting and Reporting Standard (2004)) under the scope of the TSRS. Since 2021, we have been preparing Water Footprint Inventory Reports in compliance with ISO 14046 Principles, Requirements, and Guidelines.
From the beginning of 2022, we joined the international certification system I-REC, which certifies electricity generated from renewable energy sources. In line with our targets, we maintained I-REC certified energy usage in 2024 and met 100% of our electricity consumption (excluding overseas locations) from renewable sources during this period.
The continuous expansion of our service network has led to an increase in waste generation as well as energy demand. Conversely, we are steadfast in our efforts to reduce waste per capita.
Within the scope of the Zero Waste Project carried out in cooperation with the Ministry of Environment, Urbanization and Climate Change, certification efforts for all our locations were completed as of 2022. The Headquarters building located in Istanbul Finance Center, which began service in 2023, earned the Zero Waste Certificate in 2024.
We continuously work to raise awareness about waste separation and embed this habit into our corporate culture. In this context,
Digital transformation steps are taken to reduce paper consumption in correspondence
Recycling rates are increased through recycling bins,
Management of hazardous and non-hazardous waste is conducted in compliance with national and international regulations,
Electronic waste and recycling campaigns are organized to transform waste into environmental and social benefits,
Surveys and trainings on topics such as “Zero Waste” and “Recycling” are conducted.
Aware that our activities, products, and services impact the climate, we consider the effects of climate change as a crucial part of our risk assessment process. Our goals include actively managing these risks and playing a role in transitioning to an economy that promotes low carbon emissions and low water consumption. Therefore, we work to reduce environmental impacts and carbon emissions arising from our operations.
Our environmental performance is also evaluated by independent organizations. Since 2015, by participating in the Carbon Disclosure Project (CDP) Climate Change Program, we share our climate change strategy, governance, risk management, carbon emission volumes, and related targets with international investors and the public. In 2024, we have been recognized at the Leadership (A) level in the CDP Climate Change and Water Security programs.
We became the first Turkish public institution to announce carbon emission reduction commitments by joining the Science Based Targets Initiative (SBTi) in 2019. We completed our applications for science-based carbon reduction targets in 2022. In 2023, we became the first Turkish bank to have our science-based targets approved by SBTi. VakıfBank plans to support low-carbon financing, integrate ESG criteria into credit policies, and continuously assist and provide resources to our customers in reporting and reducing greenhouse gas emissions in order to meet SBTi targets.
According to our targets approved by the Science Based Targets Initiative, we aim to reduce our Scope 1 and 2 greenhouse gas emissions by 51% by 2032 compared to 2021 levels, consistent with the 1.5°C goal. Additionally, we continue our efforts to achieve the ‘net zero’ emissions target by 2050 without slowing down.
Embracing environmental responsibility as a corporate value beyond obligation and aiming to leave a livable world for future generations, our bank is committed to increasing environmental awareness and energy efficiency by:
Actively participating in national and international platforms such as the Carbon Disclosure Project (CDP),
Utilizing high-efficiency central heating and cooling systems, energy-efficient servers, A-class inverter air conditioners, and energy-efficient products,
Implementing LED lighting, building automation solutions, and efficient climate control applications,
Centrally switching off lights, computers, and phones at designated times,
Prioritizing renewable energy investments and providing financing support for sustainable energy projects,
Introducing the Recycle Credit Card in 2025, enabling customers to support eco-friendly projects with every purchase,
We are installing solar energy systems to meet our electricity needs from clean sources and obtaining renewable energy certificates (I-REC).
We provide hybrid and electric vehicles for use by our employees. Electric vehicle charging stations have been commissioned at our Headquarters in the Istanbul Finance Center to support the use of electric vehicles.
We digitalize our business processes through paperless banking applications, reduce plastic usage, and implement water efficiency projects.
In our campaigns, alongside product-related offers, we also provide customers with proposals aimed at raising awareness on social and environmental issues. Within this scope, we collect requests from customers who receive printed statements to switch to e-statements and facilitate the digital delivery of their statements.
We aim to increase recycling rates annually in our buildings certified with the Zero Waste Certificate.
We continue the “One Forest Every Year” sapling donation campaign, initiated to encourage our employees to contribute to nature and greenery, which has become a tradition.
E-waste collected through our e-waste campaigns is disposed of via TUBISAD and converted into donations for Darüşşafaka.
To support the plastic cap campaign run by the Turkish Spinal Cord Paralytics Association (TOFD), our employees collect plastic caps to help those in need obtain wheelchairs.
We provide training to our employees on energy efficiency and climate change to foster environmentally conscious behavior. In this context, in 2024, we delivered 90,394 hours of online sustainability training and 12,920 hours of online environmental training to our employees. Under the ISO 9001 Quality Management System, ISO 45001 Occupational Health and Safety Management System, and ISO 14001 Environmental Management System, 2,020 employees were certified by the end of 2024. Additionally, all employees were assigned both digital and classroom ISO 14001 Environmental Management System training during this period. A total of 8,783 employees benefited from the digital ISO 14001 Environmental Management System training. Furthermore, 14,168 employees participated in the E-Zero Waste Training as part of the Zero Waste Project.
Our environmental data, such as energy and water consumption, are monitored through digital tracking systems and evaluated against set targets to implement improvement initiatives. We share our environmental performance and goals with the public through our Integrated Annual and Sustainability Reports and regularly publish our CDP scores.
Independent assurance reports on our environmental indicators, as well as reporting guidelines, can be accessed in the relevant period’s reports:
