The bank will also focus on extending loans for green products like electric vehicles at low interest rates and incorporating ESG score in its credit decisions.
HDFC, the country’s largest private bank, announced plans to become carbon neutral by 2031-32. Under this initiative, the bank is looking to reduce its emissions, energy and water consumption. will continue to incorporate and enhance its use.
As part of its ESG (Environmental, Social and Governance) strategy, the bank will also focus on lending for green products such as electric vehicles at low interest rates and incorporate ESG scores in its credit decisions.
target set before world environment day
The bank is also working on a roadmap for issuing green bonds. The announcement, made just ahead of World Environment Day on June 5, is a part of the Bank’s overall commitment to inculcate ESG principles in its business. To achieve its objective of becoming carbon neutral, the Bank has three- tier strategy, which includes reducing consumption, emphasizing renewable energy and offsetting the carbon footprint.
The focus will be on these plans
As a part of this strategy, the bank plans to reduce absolute emissions and energy consumption from the current level of 315,583 metric tons (MT) of CO2 emissions. Will convert 50 percent to renewable energy. Its other initiatives include setting up of single-use plastic-free corporate offices, planting 2.5 million saplings and reducing water consumption by 30 percent.
The impact of climate change will be reduced
Ashima Bhat, Group Head – CSR, Business Finance & Strategy, Administration & Infrastructure, HDFC Bank said, A shared future means that individuals, companies and countries must work together to mitigate the effects of climate change. He said, through this effort, we are supporting the country’s commitment in this direction.
( IANS Input )
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