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Management of indirect environmental impact arising from the projects financed .:. Sustainable Development Knowledge Platform
Information
  • Submitted by: T.GARANTI BANKASI A.S
  • Topic: Finance
  • Keywords: environmental management, finance, Environment and climate change; Water and related ecosystems
  • Location: Turkey
  • Date of completion: 2013
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Deliverables & Resources
Action network
  • This voluntary initiative came from Global Compact
Management of indirect environmental impact arising from the projects financed

Partner(s)

T.GARANTI BANKASI A.S

Description/achievement of initiative

The aim is to implement an Environmental Impact Assessment System, which is above the legal requirements, for measuring and managing the environmental risks of the projects financed by the Bank.

Implementation methodologies

The system subject to commitment was developed with the help of independent environmental consultants.

The commitment will be realized by the education of the staff, integration of the rating system to the loan decision process and the resolution of the loan approval authorities. A full-time environmental engineer will be employed for the assesment and monitoring of the projects. For this, the commitment of the top management has been obtained

Deliverables
Deliverable Date
We aim to apply the Environmental Impact Assesment Model to the all of projects with a total investment value higher than USD 20 mio. With a risk rating system custom-built with sector-specific risks, projects will be evaluated and categorized. According to the results, an environmental management plan will be established to oblige the borrowers to take certain actions for the mitigation of the risks. The system is established by the Bank's initiative with the policies above the national regulation. We aim to reject the projects that do not meet the criteria, demand certain measures from the borrowers and to monitor them. For our direct impact to the environment, we are establishing an environmental management system compatible with ISO 14001 standards. But since our indirect impact is far bigger, the aim of this project is to support sustainable development in Turkey, a fast growing country, by overseeing the environmental impacts of the major investments. 2013
Resources
Type Details
Financing (in USD) $20,000,000
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