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Local Turkish lender engages in environmental effort

ISTANBUL - Hürriyet Daily News | 4/15/2010 12:00:00 AM |

The Industrial Development Bank of Turkey, or TSKB, announced Thursday a decision to cooperate with the UNEP FI.

The Industrial Development Bank of Turkey, or TSKB, announced Thursday a decision to cooperate with the United Nations Environment Programme Finance Initiative, or UNEP FI.

With a vision of “sustainability,” the UNEP FI determines the environmental impact on the financial sector, highlighting such issues and developing alternatives for resolution.

“Through this cooperation, the results of the physical and social effects of global warming on the Turkish financial sector can be determined,” a statement from the lender said. “Furthermore, an important step will be taken with regard to creating sectoral awareness.”

TSKB chief executive Halil Eroğlu and the UNEP FI's Paul Clements-Hunt are expected to make the Turkish bank’s membership in the initiative official in the near future.

Speaking at a press conference in Istanbul on Thursday, Eroğlu highlighted the importance of sustainable development for all industries.

“We are happy and proud to be the only institution from Turkey with a membership in UNEP FI, a body that draws attention to this issue globally and has hundreds of members,” Eroğlu said. “We see our duty as assuming a leadership role in creating awareness on the matter in the sector.”

­“I am … delighted to welcome TSKB as our first member from Turkey,” said Hunt. “UNEP FI has been working with hundreds of financial institutions worldwide to develop and promote the linkage between finance, environment and sustainability over the past 18 years. We try to achieve these goals by researching specific themes such as climate change, water, biodiversity and human rights, by fostering direct dialogue between international policy makers and the financial sector, and by developing practical capacity building or training programs and tools to help our partners implement sustainable finance operations.”

Headquartered in Geneva, Switzerland, the UNEP FI is the largest public-private partnership between the U.N. and institutions providing financial services. It has around 200 financial institutions among its members, which include banks, insurance corporations and investment companies.

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