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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 financial intermediation services sector, excluding insurance and pension funding. With a strong presence across major operational regions in Turkey and a commitment to serving both individual and corporate clients, Vakifbank offers a diverse range of products and services.
The bank's core offerings include retail banking, corporate banking, and treasury services, distinguished by their customer-centric approach and innovative solutions. Vakifbank has achieved notable milestones, including significant growth in assets and a robust market position, making it one of the leading banks in Turkey. Its dedication to financial inclusion and sustainable practices further enhances its reputation in the competitive financial landscape.
44
DitchCarbon score
+7 vs industry average
Vakifbank’s score of 44 is higher than 60% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Industry Intensity
Very Low
Financial Intermediation is among the least carbon-intensive industries
Industry performance
0.096
20182025
The Financial Intermediation industry has reduced its overall emissions by 33% since 2018
Emissions trajectory 2020 – 2027
20202021202220232024202520262027
Reported emissions
Scope 1
•••kg CO₂e
Scope 2
•••kg CO₂e
Scope 3
•••kg CO₂e
Total reported
•••kg CO₂e
Scope 3 accounts for ••• of total emissions.
Vakifbank's reported carbon emissions
Vakifbank, a financial intermediation services provider headquartered in Türkiye, reported total carbon emissions of approximately 29.6 billion kg CO2e in 2024. This figure comprises Scope 1 emissions of 12.98 million kg CO2e, Scope 2 emissions of 145,000 kg CO2e, and Scope 3 emissions of approximately 29.61 billion kg CO2e. The majority of their Scope 3 emissions, about 29.61 billion kg CO2e, stemmed from the use of sold products.
Looking back, Vakifbank's total emissions were approximately 49.12 billion kg CO2e in 2023, approximately 415.24 billion kg CO2e in 2022, and approximately 18.2 million kg CO2e in 2021.
Vakifbank has set Science Based Targets initiative (SBTi) near-term targets. Their targets are classified as consistent with limiting global warming to 1.5°C and cover greenhouse gas emissions from company operations (Scope 1 and 2). They have a near-term target year of 2027 and another of 2032. Vakifbank's portfolio targets currently cover 7% of its total investment and lending activities by total assets as of 2021.
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Vakifbank’s Climate Goals (2030 & 2050)
3 goals2032
51% reduction in Scope 2
Vakıfbank commits to reduce absolute scope 1 and 2 GHG emissions 51% by 2032 from a 2021 base year.
On track51%
2032
51% reduction in Scope 1
Vakıfbank commits to reduce absolute scope 1 and 2 GHG emissions 51% by 2032 from a 2021 base year.
Behind target51%
2032
42% reduction in scope 3 total
SDA: Vakıfbank commits to reduce GHG emissions from the electricity generation within its corporate loan portfolio 42% per MWh by 2032 year…
Insufficient data42%
Showing SBTi-validated targets only. Sign up or sign in to see all disclosed climate targets.
Scope 3 top emissions categories
2 of 15 categories disclosedSee all scope 3 categories
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Climate initiatives
Science Based Targets Initiative
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Active
Carbon Disclosure Project
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Active
The Climate Pledge
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Not active
UN Global Compact Climate Champions initiative
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Not active
RE 100
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Not active
Climate Action 100
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Not active
Emissions comparison with industry peers
View similar organisationsCompanyCountryIndustryLast updatedScoreDetails
Vakifbank5 days ago
44
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Frequently asked questions
Common questions about Vakifbank’s sustainability data and climate commitments
In 2024, Vakifbank reported total carbon emissions of approximately 29.6 billion kg CO2e. This represents a significant decrease from previous years, with emissions standing at roughly 49.1 billion kg CO2e in 2023, approximately 415.2 billion kg CO2e in 2022, and around 18.2 million kg CO2e in 2021. This downward trend, particularly from 2022 to 2023, indicates a potential shift in the bank's environmental impact within the financial intermediation sector.
Data year: 2024
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