VakıfBank Publishes Second-Party Opinion on Sustainable Finance Framework

Türkiye Vakıflar Bankası published a second-party opinion prepared for its 2023 Sustainable Finance Framework.

According to a statement posted today on Türkiye’s Public Disclosure Platform, an assessment by JCR Eurasia Rating Inc. assigned the framework a final score of SU1, or “Very High Alignment and Contribution to Sustainability.”

The assessment awarded VakıfBank an SU1 score in the relevant categories, citing the integration of its sustainability strategy across its operations; the high level of alignment between its use-of-proceeds practices and eligible projects and the relevant principles and market best practices; the clear and comprehensible criteria established for project evaluation and selection; and the management policies and oversight mechanisms put in place for proceeds from sustainable finance instruments.

The framework received a final reporting score of SU2, or “Highly Aligned With Sustainable Finance Principles.”While its commitments on allocation reporting were assessed as very strong, the opinion noted that metrics and measurement methodologies for impact reporting had not been defined.