4 June 2021.
Introduction:
HDFC Bank has planned to become carbon neutral by 2031-32. Bank is now looking for reducing its emissions, energy, and water consumption.
Highlights:
- HDFC bank has planned to continue to incorporate and scale up use of renewable energy in its operations.
- Under its environmental, social, and corporate governance (ESG) strategy, bank will also offer loans for green products such as electric vehicles at lower interest rates.
- It will incorporate ESG scores in its credit decisions.
- The bank plans to work is on framework of issuing green bonds.
HDFC Plans:
- Decrease absolute emissions and energy consumed from current level of 315,583 MT CO2 emissions;
- Increase rooftop solar capacity in large offices.
- Convert 50% of the total sourced electricity to renewable energy.
- Create single-use plastic free corporate offices.
- Plant 2.5 million trees.
- Reduce water consumption by 30%.
Significance
With these efforts, HDFC is supporting India’s commitment in this direction and once the broad strategy is in place, it will introduce new measures.
About HDFC Bank
- HDFC Bank Limited, largest private sector bank by assets, is headquartered in Mumbai, Maharashtra.
- It is also the third largest company by market capitalisation on Indian stock exchanges and thirteenth largest employer in India with 120,000 employees.