HDFC Bank to turn carbon neutral by 2031-32.

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:

1. Decrease absolute emissions and energy consumed from current level of 315,583 MT CO2 emissions;
2. Increase rooftop solar capacity in large offices.
3. Convert 50% of the total sourced electricity to renewable energy.
4. Create single-use plastic free corporate offices.
5. Plant 2.5 million trees.
6. 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.