Yes Bank Limited on 8 December 2015 announced to mobilize 5 billion US dollars from 2015 to 2020 for climate action through lending, investing and raising capital towards mitigation, adaptation and resilience. The announcement was made on the occasion of COP 21 climate summit in Paris.
Furthermore to achieve holistic impact and aid India’s target of meeting its Intended Nationally Determined Contributions (INDCs), the bank committed to achieve the following by 2020:
• Target funding of 5000 MW of clean energy
• Gradually increase percentage of Renewable Energy in its power portfolio
• Contribute towards creating a carbon sink by planting 2 million trees
• Touch 100 million lives through its safe and clean drinking water program
• Offset Carbon Emissions of the bank’s operations
YES Bank's Commitment towards Climate Action
The need for climate finance is steadily increasing in India, which is demonstrated by India’s target to achieve 175 GW Renewable Energy by 2022.
Yes Bank’s commitment to climate action is significant as it is the youngest Indian private sector bank in operation and holds the only greenfield banking license awarded by the Reserve Bank of India (RBI) in the last 17 years.
In September 2014 at the UN Climate Summit, YES Bank committed to target funding 500 MW clean energy annually which it has already overachieved. Yes Bank also issued green bonds worth 1315 crore rupees to fund eligible green projects in countries including Bangladesh and Sri Lanka.
Through these commitments, the bank pledges to strengthen overall environment sustainability.
About Yes Bank
• Yes Bank is India’s fifth largest private sector Bank with a pan India presence across all 29 states and 7 Union Territories of India.
• It is headquartered in the Lower Parel Innovation District (LPID) of Mumbai.
• It has a knowledge driven approach to banking and offers a superior customer experience for its retail, corporate and emerging corporate banking clients.
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Who: Yes Bank Limited
When: 8 December 2015