Yes Bank is planning to reduce greenhouse gas (GHG) emissions from its operations across the country to net-zero by 2030 to support the goals of the Paris climate agreement. As a first step towards achieving this target, YES BANK House, the Bank’s headquarters in Santa Cruz, has entirely switched to renewable energy to significantly cut its emissions.
In addition to using renewable energy sources to power its facilities, the Bank’s multi-pronged approach to achieving the zero-emissions goal includes moving to LED lighting in all offices and using energy-efficient (five-star) machines and appliances. The Bank also offsets some of its emissions through carbon sequestration projects.
Yes Bank is engaged in the provision of banking services, including corporate and institutional banking, financial markets, investment banking, corporate finance, branch banking, business and transaction banking, and asset management.
Commenting on the development, Niranjan Banodkar, Chief Financial Officer, YES BANK, said, “The net-zero target is a strategic pillar of the Bank’s overall climate strategy of aligning its business with the global 1.5-degree pathway. The Bank recognizes that businesses have a critical role in combating the climate emergency and supporting national as well as global efforts to build a climate-neutral world. We see this as an opportunity to be on the right side of history.”
With this shift, made on January 1 this year, the Bank aims to eliminate around 7% of its total Scope 1 and Scope 2 emissions – which come from diesel consumed in diesel generator sets, refrigerant leakage from air conditioners, and consumption of grid electricity. The Bank’s net-zero emissions target covers its absolute Scope 1 and Scope 2 emissions, which stood at 44,168.12 tonnes of carbon dioxide equivalent in FY2019-20, the base year for the Bank’s net-zero targets.
Yes Bank is engaged in providing banking services, including corporate and institutional banking, financial markets, investment banking, corporate finance, branch banking, business and transaction banking, and wealth management.