HDFC Bank to turn carbon neutral by 2031-32

HDFC Bank has planned to become carbon neutral by 2031-32. Bank is now looking for reducing its emissions, energy, and water consumption.

How HDFC will turn carbon neutral?

HDFC will 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. Apart from that, bank is also working on framework of issuing green bonds.

What are the plans?

HDFC has planned to,

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.

Month: Current Affairs - June, 2021