We hope that 2024 will be a historic year in which we can all take important and urgent steps together regarding sustainability and climate change. On this occasion, we would like to share with you our newsletter summarizing our achievements in 2023.

The results of CDP’s 2022 Climate Change and Water Security Program in Turkey, along with the leading companies, were announced at the "CDP Turkey 13th Climate Change Conference and Award Ceremony" held on April 25, 2023. The conference was organized by Sabancı University Corporate Governance Forum, which has been leading CDP's activities in Turkey since 2010.
The "Climate Change & Water Program 2022 Turkey Results Report," which contains CDP Turkey’s 2022 analyses and findings, along with the CDP Global and CDP Turkey Leaders identified according to CDP’s Global Scoring Methodology, was shared with the public during the event.

Garanti BBVA delivered the opening speech of the conference, and one of the keynote speakers, Mardi McBrien, Director of Strategy at the IFRS Foundation/ISSB, addressed the global developments in sustainability reporting and the upcoming new practices. The other keynote speaker, Murat Yünlü, Deputy President of the Public Oversight, Accounting and Auditing Standards Authority (KGK), shared insights on the topic’s development in Turkey and future projections.

You can find more details about the conference here and access the conference recording here.

The CDP Climate Change and Water Security Program 2022 Turkey Report has been published.
According to Turkey’s results, there was a 21% increase in the number of companies disclosing environmental data within CDP's three main programs: climate change, water security, and deforestation, in 2022.

According to the 2022 results, 95% of companies reporting in Turkey identified climate-related risks, highlighting the significant financial or strategic impact potential of these risks on their operations. Additionally, 96% of companies have identified potential climate-related opportunities; however, the total number of identified climate risks (576) is nearly three times the number of reported opportunities (208).

In Turkey, the potential financial impact of climate risks, as reported through CDP, significantly outweighs the cost of addressing these risks.

In 2022, the total financial impact of identified risks by companies in Turkey was approximately $24 billion, while the reported cost of mitigating these risks was $2.6 billion. The most frequently reported risk factor by companies in Turkey was carbon pricing mechanisms.

More companies in Turkey are now dependent on water sources in water-stressed or water-scarce regions. In 2022, 71% of reporting companies conducted more than half of their total water withdrawals in water-scarce regions, marking an 87% increase compared to five years ago. This indicates that more companies in Turkey are dependent on water resources in regions facing water scarcity or the risk of complete drought.

To access the full report, please click here. You can find the main findings of the report here.

The number of companies from Turkey that achieved Global A List recognition reached an all-time high.
Worldwide, four companies from Turkey were among the 297 Global A companies recognized under the Climate Change Program in 2022, and six companies from Turkey were among the 107 Global A companies recognized under the Water Security Program.

A total of nine companies from Turkey, including Aydem Renewable Energy, Arçelik, Brisa, Carrefoursa, Garanti BBVA, Kordsa, Mavi Giyim, Tekfen, and T. Halk Bankası, secured a place on the Global A List, ranking among the world leaders. Aydem Renewable Energy succeeded in being included in the A List under both the Water Security and Climate Change Programs. Twenty-one companies from Turkey received an A- rating in the Climate Change and Water Security programs, placing them in the Turkey Leaders category.

For the first time this year, a record number of 18 companies also achieved an A rating in the CDP Supplier Engagement Rating (SER) category, making them SER leaders.

You can find the full list of leaders on page 48 of our report.

The 2023 responses are now published on the CDP website.
The public responses to CDP for 2023 are now available on the CDP website. The 2023 scoring results will be announced in the first quarter of 2024.

Two cities from Turkey made it to the CDP Cities Global A List for the first time.
In 2023, 119 cities recognized for their leadership in climate action and transparency were awarded by CDP. The sixth edition of the Cities A List highlights cities that demonstrate transparency, ambition, and consistency in combating climate change, showcasing the paradigm shift cities are experiencing in environmental awareness. Istanbul Metropolitan Municipality and Kadıköy Municipality from Turkey successfully made it to the CDP Cities Global A List, joining the ranks of 119 local governments worldwide.

CDP's 2023 campaigns:
As part of the Non-Disclosure Campaign, which has been ongoing since 2017, the 2023 campaign saw over 1,600 companies with high environmental impact that had previously been invited to report but had not yet done so, encouraged to disclose their environmental data by 288 leading financial institutions. In Turkey, five companies were contacted under this campaign, with four of them responding to CDP in 2023 after receiving a direct letter signed by investors.

Under the CDP-SBT Campaign, which aims to accelerate the adoption of science-based climate targets in the private sector, over 2,100 high-emission companies were called to set Science-Based Targets aligned with the 1.5°C pathway on behalf of the Capital Markets signatories and Supply Chain members. Forty-one companies from Turkey were invited to embark on their SBT journey.

A new era is beginning in CDP’s reporting system! CDP is bringing together Standards and Regulations on the Path to Nature Reporting.
CDP is the world’s largest corporate environmental reporting platform and has been working for a long time to collect the most comprehensive corporate data on nature reporting.

In September 2023, CDP announced its collaboration with TNFD (The Taskforce on Nature-related Financial Disclosures), marking the beginning of a commitment to obtain standardized and comparable data and to align different voluntary frameworks and standards into one unified approach.

The International Sustainability Standards Board (ISSB), established within the IFRS Foundation, heralded a new era in sustainability disclosures in capital markets by issuing two global standards on June 26. CDP decided to integrate the new climate disclosure standard developed by ISSB into its platform, entering into a comprehensive partnership with the IFRS Foundation. This strategic move will enhance the consistency of climate-related information provided to investors, making it more aligned with requirements and easing the disclosure burden on companies. The integration of ISSB standards into CDP’s questions starting in 2024 will play a critical role in preparing thousands of companies already reporting to CDP for the transition to mandatory reporting.

Another significant step towards bringing regulations together in 2023 was CDP’s collaboration with EFRAG. The aim of this partnership is to accelerate the compliance process with the European Sustainability Reporting Standards (ESRS), which will apply to over 50,000 companies from January 2024, and to maximize the alignment of CDP’s reporting system with EU environmental reporting standards. You can find more information here.

Alongside these developments, to take faster action towards global goals, CDP is preparing to launch a new reporting framework in 2024, which will significantly improve reporting and accelerate climate action through a new technology platform. CDP is currently building a modern, purpose-built, and scalable technology platform with an interface that enhances user experience. The improvements cover the management of reporting, disclosure, and access to CDP data.

CDP is also a founding partner of SBTN (Science-Based Targets for Nature). The Science-Based Targets Network for Nature, born from the collaboration of non-profit organizations, aims to guide companies and cities in setting science-based targets for nature. These activities will help companies and cities develop a clear roadmap for addressing their impacts on nature across their value chains. SBTN’s work is rooted in the Science-Based Targets initiative (SBTi), which CDP is also a founder of.

CDP requested plastic-related reporting from companies for the first time in 2023.
For the first time in 2023, CDP requested over 7,000 companies to report on plastic-related issues through its water security questionnaire, asking them to answer 5 to 9 questions. These questions cover plastic-related risks, targets, value chain mapping, raw material content, and many other topics. Due to the direct connection between plastic issues and water bodies, CDP is requesting the plastic module from companies as part of the CDP Water Security Questions.

You can find more information about the plastic reporting request here.

The use of CDP data is becoming more widespread.
As preparations for the new technology platform continue, CDP has continued to innovate in many areas. Launched in 2023, the CDP Corporate Environmental Action Tracker (CEAT) aims to make CDP data more accessible and publicly available.

CEAT, with its user-friendly interface, provides up-to-date data accessible to everyone, aiming to play a crucial role in transforming the global economy. You can find more information here.

On the other hand, CDP has integrated GFANZ's (Glasgow Financial Alliance for Net Zero) guide on net-zero transition plans into its reporting system, enabling financial institutions to track their net-zero strategies more efficiently. You can find more information here.

The CDP Turkey COP28 Bulletin has been published.
The COP28 outcomes, which will shape the coming period with crucial results such as the phased withdrawal from fossil fuels, the establishment of the Loss and Damage Fund, and the Global Stocktake, can be found in our comprehensive COP28 Bulletin, which includes CDP-specific insights and observations from our Project Manager who attended the conference on-site.

Please click here to access the comprehensive CDP Turkey COP28 Bulletin.

Key CDP Reports and Briefings Published in 2023
CDP "Scoping Out: Tracking Nature Across the Supply Chain" Report Released

The "Scoping Out: Tracking Nature Across the Supply Chain" report analyzes data from over 18,500 companies that reported through CDP in 2022. The data reveals that companies have not yet fully tracked the impacts across their entire supply chains, while also showing that companies have taken more steps on climate change compared to issues like water security and deforestation.

CDP "Global Forests Report 2023" Published

The report provides important insights into why eliminating deforestation in supply chains remains an issue for many companies. Despite over 1,000 companies outlining their efforts to prevent deforestation, the report reveals that only one in ten companies has managed deforestation risks effectively.

CDP Releases "Shaping High-Quality Mandatory Disclosure" Policy Brief

Despite a recent rapid increase in sustainability regulations and frameworks, there is still a lack of a holistic approach to environmental issues from both policymakers and the private sector perspective. The Policy Brief presents CDP’s 10 Principles for Mandatory Disclosures and analyzes current policies to provide a roadmap for the future.

CDP Releases "Stronger Together: Exploring the EU Taxonomy as a Tool for Transition Planning" Report

2023 was the first year companies were legally required to report under the EU Taxonomy. While access to detailed sustainability data disclosed publicly is highly valuable, understanding how to interpret and use this data is crucial. The report discusses how the EU Taxonomy can be used to support companies' transition plans and how investors can analyze these data to make informed decisions regarding sustainable finance.