IndusInd Bank to raise climate financing to 3.5% in two years, reduce carbon emissions to 50%

PTIUpdated: Saturday, June 05, 2021, 04:56 PM IST
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BofA Securities picks up IndusInd Bank shares worth Rs 364 crore | @ians_india (twitter)

Private sector IndusInd Bank on Saturday said it will reduce carbon emissions to 50 percent in next four years and raise climate financing to 3.5 percent in two years.

The bank will be increasing the allocation of capital towards climate finance to 3.5 percent of its loan book over the next two years, which is currently at 2.7 percent, IndusInd Bank said on the occasion of the World Environment Day.

The bank has also committed to reducing its specific carbon emission by 50 percent over the next four years, it said in a release.

The bank promoted by the Hinduja group also said it has made it to the Carbon Disclosure Project (CDP) list for the sixth consecutive time, making it the only Indian bank to get featured in this prestigious list.

Among others, IndusInd Bank Managing Director and CEO Sumant Kathpalia said the bank is transforming all its pioneer branches /lobbies into green and plastic free zones and getting them LEED certified.

The bank is also supporting tree plantation drive under which 50,000 trees will be planted in cities with high pollution index.

It has also launched an employee awareness drive, helped install solar solutions of 675 KW capacity which has reduced carbon emission worth 8,278 tonnes and created water harvesting capacity of about 70 million cubic meters and also restored 15 lakes and two drainage systems.

Roopa Satish, Head – Corporate & Investment Banking, CSR & Sustainable Banking, IndusInd Bank said, “The Bank is determined to take a leadership position in mitigating the impact of climate change through committing long term targets and deploying a strategy to invest in clean energy and energy efficient projects."

She said IndusInd Bank is also one among 21 Indian companies and the only Indian bank to be featured in the Dow Jones Sustainability Index Yearbook 2021.

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