In the Habertürk Insurance Page program broadcast live from the Insurance House established in Antalya within the scope of COP31, the impact of the private pension system on long-term investments and climate finance was discussed.
Ayhan Sincek, Vice President of the Insurance Association of Türkiye, stated that there is a financing and investment gap for the solution of climate-related problems. Stating that the floods experienced in recent weeks also demonstrate this need, Sincek drew attention to the trillion-dollar private pension funds in developed countries.
Sincek said, "When we say how we will fill this investment gap, we are actually talking about the trillion-dollar BES funds that we see in developed countries. Our BES funds in our country have exceeded 50 billion dollars. We need these BES savings for the future and for the welfare of all of us, but we need to think about how we can use these savings to fund the climate balance, how we can contribute." he said.
LONG-TERM RESOURCE NEED FOR CLIMATE GOALS
HDI Fiba Emeklilik General Manager Erol Öztürkoğlu stated that COP31 is an important opportunity for Türkiye and the world and said that they expect agreements, action plans and concrete steps to be implemented to prevent the climate crisis during the summit process.
Stating that there is a financing need of approximately 3 trillion dollars on a global scale and 500 billion dollars in Turkey to achieve the targets, Öztürkoğlu noted that the resource need on this scale cannot be met with short-term financing. He stated that long-term savings instruments such as BES could play a role in providing this financing.
Öztürkoğlu said that BES is an important system that has reached a size of 40-50 billion dollars, but savings should be collected for longer periods. Stating that these resources can be used to increase the welfare level of the society and prepare for retirement, Öztürkoğlu stated that long-term financing is needed in the development of infrastructures and the entrepreneurial ecosystem for the climate crisis.
Öztürkoğlu said, "We are talking about savings that last for many years. The monthly savings of each individual will be used in long-term financing. It will be one of the most important elements that will provide resources to our country to achieve the goals of COP31." he said. Stating that the risks of the future are being discussed with the climate crisis, Öztürkoğlu said that BES plans life risks, while insurance protects assets acquired in the future, and stated that these two concepts support each other.
"WE HAVE THE AWARENESS TO MAKE THE NECESSARY INVESTMENTS"
Sincek stated that there are already sustainable funds in the sector and that companies are working on this issue and have certification processes. Sincek said that companies support their work with thematic funds, and pointed out that floods and other natural events affect the selection of settlements and the areas where industrial facilities will be established.
Sincek said, "The seriousness of this issue is obvious in the coming period. Floods, disasters, all kinds of natural events affect it. We need to support investments more with these thematic funds, from the selection of settlements to the places where the industry will establish its factories. We have the awareness to make the necessary investments." he said.
Öztürkoğlu stated that assuming the size of BES is over 2 trillion, sustainable funds remain around 14-15 billion.
Stating that participants can exit the system whenever they want within the scope of flexibility, Öztürkoğlu said that for this reason, the returns of long-term and permanent investments should be planned over a longer period.
Öztürkoğlu noted that the current size of sustainable funds is not sufficient for these investments, but a step has been taken in this field, and stated that the issue should not be viewed only within the framework of the complementary retirement system.
Öztürkoğlu said, "This should not be seen only as a complementary retirement system. BES and insurance should be viewed from this perspective as a long-term financing model that feeds the entire ecosystem." he said.
CALL FOR REGULAR SAVINGS
Evaluating how citizens can save, Sincek said that small amounts can grow with regular and long-term savings. Stating that the recent events in the financial markets show this, Sincek stated that BES is a solid and protected structure that grows with state contribution.
Sincek said, "As professionals, we recommend BES as the first savings tool. You have the chance to prepare well for retirement by regularly allocating a certain percentage of your income, no matter how big or small. BES offers this in a solid way." he said.
Öztürkoğlu stated that financial instruments in the world markets are intertwined and that it is very difficult to keep track of everything to protect savings. He said citizens should listen to advice from pension companies and follow the appropriate funds.
