YAPI KREDI WILL STOP FINANCING COAL

Yapi Kredi will eliminate the financing of new coal-fired thermal power stations and coal mining in line with its vision for a sustainable future and to create a shared value with its stakeholders, according to a statement from the bank. “We deal with economic sustainability as a whole with social and environmental sustainability. Commitments to not finance coal-fired power generation and coal mining are on the rise globally due to their environmental impacts,” said Gokhan Erun, CEO of Yapi Kredi. The bank aims to finance renewable energy growth in accordance with a low-carbon economy goal. The renewable energy finance volume of the bank reached USD 2.4bn at the end of 2020, with 43% of its portfolio now consisting of renewable energy projects.