London : Yes Bank, India’s fifth largest private sector bank, has announced mobilisation of $5 billion towards its commitment to climate finance in India. The bank made the declaration to coincide with the Conference of Parties (COP) 21 climate summit underway in Paris this week, reports PTI.
“Financial institutions have a larger role in driving climate action,” said Rana Kapoor, CEO and Yes Bank managing director. The bank’s $5-billion mobilisation target from 2015 to 2020 will be done through lending, investing and raising capital towards mitigation, adaptation and resilience. The bank said it will be targeting funding 5,000 MW of clean energy, increase the share of renewable energy in its portfolio, plant two million trees and also offset carbon emissions through its operations by 2020. The bank was the first Indian lender to raise money by issuing ‘green bonds’.
