03 Jun , 2021 By : Kanchan Joshi
MUMBAI : HDFC Bank on Thursday said it plans to become carbon neutral by 2031-32 and is looking at reducing its emissions, energy, and water consumption.
The bank said it will continue to incorporate and scale up the use of renewable energy in its operations. As part of its environmental, social, and corporate governance (ESG) strategy, the bank said it will also focus on offering loans for green products such as electric vehicles at lower interest rates, and on incorporating ESG scores in its credit decisions.
That apart, India’s largest private lender is also working on a framework for issuing green bonds.
“A shared future means that individuals, companies, and countries all have to act together to mitigate the effects of climate change," said Ashima Bhat, group head (CSR, business finance and strategy, administration and infrastructure), HDFC Bank.
Through this effort, the bank is supporting the country’s commitment in this direction and while the broad strategy is in place, the bank will fine-tune it going forward and introduce new measures, said Bhat.
As a part of this strategy, it is planning to decrease absolute emissions and energy consumed in line 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; and reduce water consumption by 30%.
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