Vakifbank
VakifBank, officially known as Türkiye Vakıflar Bankası T.A.O., is a prominent financial institution headquartered in Turkey. Established in 1954, the bank has grown to become a key player in the Turkish banking sector, with a strong presence in both retail and corporate banking across major operational regions, including Europe and the Middle East. Specialising in a diverse range of services, VakifBank offers innovative solutions in personal banking, commercial loans, and investment services. Its commitment to customer satisfaction and technological advancement sets it apart in a competitive market. With a robust market position, VakifBank has achieved significant milestones, including numerous awards for excellence in banking services, solidifying its reputation as a trusted financial partner in Turkey and beyond.
DitchCarbon Score
How does Vakifbank's carbon action stack up? DitchCarbon scores companies based on their carbon action and commitment to reducing emissions. Read about our methodology to learn more.
Industry Average
Mean score of companies in the Financial Intermediation industry. Comparing a company's score to the industry average can give you a sense of how well the company is doing compared to its peers.
Industry Benchmark
Vakifbank's score of 40 is higher than 91% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Vakifbank's reported carbon emissions
In 2023, Vakifbank reported total carbon emissions of approximately 12,883,000 kg CO2e, comprising 11,883,000 kg CO2e from Scope 1, 460,000 kg CO2e from Scope 2, and 3,590,000 kg CO2e from Scope 3 emissions. This represents a reduction from 2022, where total emissions were about 12,937,000 kg CO2e, with Scope 1 emissions at 12,825,000 kg CO2e, Scope 2 at 112,000 kg CO2e, and Scope 3 at 2,532,000 kg CO2e. The bank has set near-term targets aligned with a 1.5°C pathway, aiming to cover 7% of its total investment and lending activities by total assets as of 2021. As of that year, required activities constituted 10% of its total investment and lending, while optional activities made up 40%, and out-of-scope activities accounted for 50%. These targets are designed to ensure that emissions from company operations (Scopes 1 and 2) are consistent with necessary reductions to limit global warming. Vakifbank has not committed to a net-zero target but has established a commitment compliance policy with a transitory grace period, with targets to be submitted by July 31, 2023. The bank's ongoing efforts reflect its commitment to addressing climate change within the financial sector.
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| 2021 | 2022 | 2023 | |
|---|---|---|---|
| Scope 1 | 12,796,000 | 00,000,000 | 00,000,000 |
| Scope 2 | 5,406,000 | 000,000 | 000,000 |
| Scope 3 | 3,461,000 | 0,000,000 | 0,000,000 |
Industry emissions intensity
Location emissions intensity
Reduction initiatives & disclosure networks
Companies disclose and commit to reducing emissions to show they are serious about reducing emissions impact over time. They can also help a company track its progress over time.
Vakifbank is participating in some of the initiatives that we track. This may change over time as the company engages with new initiatives or updates its commitments. DitchCarbon will update this information as it becomes available.
