As Arçelik, we have been using the Implicit Carbon Price Model since 2010 to measure the low-carbon transition impact of applied energy efficiency projects and investments. We are allocating budgets every year for our energy efficiency projects and investments and we are reducing our energy consumption as well as greenhouse gas emissions by applying energy efficiency projects with allocated budget. In the Implicit Carbon Price Model, the total investment amount of energy efficiency projects are divided by the reduced total greenhouse gas emissions in same period as tonnes of CO2 equivalent. With this model, we measure the impact of completed projects and made investments. Starting in 2020, we have completed all necessary preparations to implement the Shadow Price Model, which supports the decisions on invest in low-carbon emission technology during the investments’ decision phase.