89 CAPITAL MARKETS LAW issued in the market. The first advisory guidelines in this area were published in 2014 by a consortium consisting of Bank of America Merrill Lynch, Citi, Crédit Agricole Corporate and Investment Bank, JPMorgan Chase, BNP Paribas, Daiwa, Deutsche Bank, Goldman Sachs, HSBC, Mizuho Securities, Morgan Stanley, Rabobank, and SEB. On the other hand, there are currently guidelines and draft regulations that have been prepared by the International Capital Markets Association (ICMA), the World Bank, and the European Securities and Markets Authority (ESMA) of the European Union. With the Law on the Approval of the Paris Agreement, published in the Official Gazette dated 7 October 2021 and numbered 31621, the transformation process of Turkey’s climate policy has begun. Capital markets will play an important role in this transformation process in terms of financing bond issuers who want to address the negative effects of climate change. In this context, it is expected that projects related to sustainability goals will continue to be developed in Turkey and that these investments will be financed through Green Bonds. In this context, it would be useful to take a look at the most commonly used guidelines. The Practice of The World Bank (World Bank Green Bonds4) Projects eligible for the World Bank Green Bond Program are selected by the bank’s environmental experts. “Eligible projects” refers to projects that are partially or wholly financed by the World Bank and which support the transition to low-carbon and climate-resilient growth in the recipient country. Eligible projects may be projects that aim to mitigate climate change and carbon emissions, such as investments in renewable energy, or improvement or adaptation projects of industries that aim to have less impact on climate change and to emit less carbon. In order to become eligible, candidate projects first undergo a preliminary examination in order to monitor their potential environmental and social impacts. It is then approved, like all other World Bank projects, by the Board of Directors, which consists of 25 members representing member states. 4 https://treasury.worldbank.org/en/about/unit/treasury/ibrd/ibrd-green-bonds#2 (Access date: 23.01.2022).
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