As Garanti BBVA, we started our transformative role against sustainable development and the climate crisis in 2005 with a vision that goes far beyond simply changing our business strategy.
In 2010, we established our Sustainability Committee to make our work on sustainable development more strategic. In 2014, we gathered all our work in this field under an integrative policy and strategy, in line with the approval of our Board of Directors. By focusing on combating climate change and inclusive growth, we are working hard to achieve our country's sustainable development goals.
As Garanti BBVA, we are leading sustainable growth in the market with a business model that embraces the opportunities of sustainable development as well as climate change-related risk management. We diversify the financial instruments we offer for a low-carbon economy and inclusive growth and continue to cooperate with international financial institutions for cost-effective funding.
In early 2020, we became the first bank in Türkiye to announce absolute emission reduction targets for our Scope 1 and Scope 2 emissions, in line with the 1.5 degrees target under the Science Based Targets.
Our goals include providing solutions to the financial needs of micro-SMEs, SMEs, women entrepreneurs and all entrepreneurs who play a key role in the sustainable development of the economy, as well as supporting their growth and helping them improve their performance in the environment, society and ethics. Focusing on responsible and sustainable development, we actively contribute to the Sustainable Development Goals and Targets.
For many years, as Garanti BBVA, we have been participating in local and international platforms, which allowed for widespread, high level engagement with the business community, governments, policymakers, and numerous national and international organizations. In this sense, we are part of 48 working groups and actively participates in or chairs 29 sustainability-themed initiatives in total that include numerous platforms.
BBVA, as the main shareholder of the Garanti BBVA, announced its Sustainable Finance target for 2018-2025 as EUR 300 billion. This target was first announced in 2018 as EUR 100 billion. After a good performance in sustainable financing, the target was revised to EUR 200 billion in 2021 and finally to EUR 300 billion in September 2022. As Garanti BBVA, we will contribute to this goal with a financing of 150 billion TL until 2025.