Garanti BBVA has issued what it says is Turkey’s first biodiversity blue bond, aimed at protecting marine ecosystems. The $20.22 million bond has a three year maturity and will be used to support the sustainable management of marine ecosystems in the Mediterranean basin.
This instrument will provide funding to support initiatives such as sustainable tourism, responsible use of fisheries and marine resources, sustainable water management projects and sustainable agriculture.
Garanti BBVA CEO Mahmut Akten underscored that the bond represents another milestone in the bank’s sustainability efforts, noting that Garanti BBVA already reached its initial target of TL 400 billion, (US$9.5 billion) and has now raised its target to TL 3.5 trillion (US$83 billion) in sustainable finance between 2018 and 2029. Garanti BBVA has provided approximately TL 1 billion (US$23.7 million) in blue finance since the beginning of 2024, reinforcing its commitment to the country’s blue future.
“With Türkiye’s first biodiversity bond, we have taken another pioneering step toward mobilizing capital markets for the conservation of marine biodiversity. This issuance opens a new financing channel for projects that protect the unique Mediterranean habitat and create inclusive value in local economies,” Akten said.
