Türkiye Petrol Rafinerileri : Tüpraş Announces Support for the Task Force on Climate-related Financial Disclosures

23 February 2022

Tüpraş, which announced its 'Strategic Transformation Plan' on the route to be carbon neutral by 2050, has become one of the global companies supporting 'Task Force on Climate-Related Financial Disclosures', further strengthening the company's sustainability efforts.

Tüpraş, the leading corporation of energy industry in Turkey since its foundation, continues to reinforce its pioneering practices in sustainability. The company, which recently announced its '2050 Carbon Neutral target and Strategic Transformation Plan' in parallel with Carbon Transformation Program initiated by Koç Holding, has taken its place among global companies supporting Task Force on Climate-Related Financial Disclosures (TCFD).

TCFD, which was formed by Financial Stability Board upon an assignment of G20, has a comprehensive set of recommendations regarding more effective and conscious management of climate risks. Having more than 2,600 supporters, composed of financial institutions, corporations and governments of 89 countries, TCFD creates a global framework for corporations and organizations and aims to ensure that necessary actions are taken with its set of recommendations by creating an awareness in the market for potential impacts of a climate crisis. Compliance of corporations with TCFD's set of recommendations enables them to evaluate risks and opportunities in struggling with climate change and communicate their financial disclosures and works for sustainability in a more transparent way.

İbrahim Yelmenoğlu, General Manager of Tüpraş stated that they move in accordance with the vision of Koç Holding on their combat against climate crisis and Tüpraş's journey towards a low carbon economy and that they have initiated sustainability efforts long time ago. He added: "We transform to produce the energy of future and change for a sustainable world on our journey that we have started by saying 'Energy to the Future' with the our deep-rooted experience of more than 60 years. We aim to produce different types of energy through an integrated business model, to strengthen our position of being the largest energy industry corporation of Turkey also in future, and to lead Turkey's transformation to clean energy as a part of our Strategic Transformation Plan.
We have announced new business areas that we will focus and for which we have undertaken to be carbon neutral by 2050. For this purpose, we aim to manage our current assets based on a sustainable and profitable growth approach by making new investments. We have particularly prioritized the struggle with climate change in our works.

We are closely monitoring the developments in international platforms, such as Green Deal and Task Force on Climate-Related Financial Disclosures while managing climate change risks in all our business processes and we are preparing our plans for the future, accordingly. Joining companies that support Task Force on Climate-Related Financial Disclosures, which gather leading corporations of the world in transition to a low carbon economy, is a clear indication of our vision for a sustainable future. Thus, we will be capable to manage risks and opportunities arising from climate crisis in a more effective and transparent way and we will disclose them to all our stakeholders regularly as a part of our reports."

Tüpraş aims to become a carbon neutral energy company with its balanced, diversified and clean energy portfolio by reducing its emissions as a part of its Strategic Transformation Plan. The company, aims to obtain the resources needed for this transformation from its sustainable refining and value added product investments. Tüpraş will reserve a majority of its new energy investments for bio-fuels and zero carbon electricity facilities, which are required for a business model integrated with green hydrogen production, as a part of its new plan.

As a first step, Tüpraş commits to reduce its Scope 1 and 2 emissions from production operations by 27 percent in 2030, and with continuing investments, by 35 percent in 2035 compared to 2017. The company projects to continue its operations as carbon neutral by 2050.