Akbank highlights financing for cooling investments at COP31

Akbank CEO Kaan Gür discussed the role of banks in turning Türkiye’s National Cooling Action Plan into investments at a UNDP panel held during COP31. He said the transition to more efficient systems requires financing to be combined with technology and technical expertise.

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According to Akbank’s statement dated 10 November, CEO Kaan Gür took part in a UNDP panel on accelerating the implementation of Türkiye’s National Cooling Action Plan through public-private cooperation and sustainable finance. Held during the 31st Conference of the Parties to the UN Framework Convention on Climate Change (COP31), the session addressed how Türkiye’s cooling priorities could be turned into practical, scalable projects.

Public institutions, finance and the cooling industry

UNDP Türkiye Deputy Resident Representative Tomica Paović moderated the panel. Alongside Gür, speakers included Mehrali Ecer, Deputy Head of the Directorate of Climate Change at Türkiye’s Ministry of Environment, Urbanization and Climate Change; Meral Mungan Arda, Climate Change and Environment Portfolio Manager at UNDP Türkiye; Guidehouse Director Katja Eisbrenner; and Süleyman Kavas, a board member of the Turkish association of air-conditioning and refrigeration manufacturers, İklimlendirme Soğutma Klima İmalatçıları Derneği.

Turning policy targets into business investments

Gür said the efficiency of cooling systems affects not only emissions but also operating costs and businesses’ ability to sustain their operations. Describing the National Cooling Action Plan as a guide to Türkiye’s transition in this area, he said the priority should be to translate its targets into investments that businesses can implement.

Banks can use their broad customer networks to identify priority sectors and investment needs, Gür said. They can also help businesses access suitable technologies and technical capabilities. He highlighted the role of matching existing sustainable finance products with these investments and building partnerships with development institutions and technology specialists.

Making energy savings, emissions reductions and economic returns more visible could help businesses make investment decisions and accelerate their transition to more efficient cooling systems, he added.

Cool Up partnership and financing

Gür said Akbank was working to make sustainable cooling investments easier to identify, measure and finance. He pointed to the bank’s Sustainable Air-Conditioning Finance Programme, introduced in its capacity as what the bank describes as the first financial partner of Cool Up in Türkiye.

Akbank’s corporate information on the initiative identifies Guidehouse as the lead organisation for Cool Up and UNDP Türkiye as its local implementing partner. Gür said the bank aims to connect international funding with Türkiye’s investment priorities, facilitate the transition to more efficient systems and strengthen the economy’s resilience to climate change.

Sources: Akbank press release, in Turkish; Akbank sustainable cooling technologies, in Turkish.