YES BANK has launched its latest Sustainability Report for FY 2021. The report details the Bank’s efforts to mainstream Environment, Social and Governance (ESG) considerations within its core business strategy to deliver sustainable growth and create shared value for all its stakeholders.
YES BANK has always been mindful of its environmental and social impacts, in line with its aim to achieve sustainable growth. The Bank has constantly endeavoured to align its core business more closely with global frameworks such as the United Nation’s Sustainable Development Goals (SDGs), the Paris Climate Agreement, and UNEP FI Principles for Responsible Banking (PRB).
The Bank strives to align its business to the Paris Climate Agreement’s goal of limiting global temperature rise to 1.5 degrees Celsius, by reducing the carbon emissions from its operations and measuring and limiting its financed emissions. In FY 2020-21, the Bank became the first Indian Bank to measure and report the financed emissions of its electricity generation loan exposure. The Bank also achieved a 5% reduction in the carbon emission intensity of its operations in FY 2021, as compared to the previous year.
YES BANK took several steps towards greening its internal operations and reducing its carbon footprint. The Bank eliminated single-use plastic at all its facilities and in a first for the Indian Banking sector, announced switching to using 100% recycled paper (A4) in all its internal operations and back-end processes, across India. The Bank also successfully achieved the ISO 14001:2015 certification for its Environmental Management System (EMS) for the eighth year in a row and continues to have the highest number of ISO 14001:2015 certified facilities (732) amongst the BFSI sector, globally.
The Bank continues to be recognized as a benchmark organization for climate and sustainability disclosures, retaining its rating of ‘A-‘ (Leadership Band) by CDP, for its Climate Change disclosures, for the second year in a row. YES BANK’s rating surpasses the average ratings for the Financial Services and the Asia Region, which stand at ‘B’ and ‘D’, respectively. The Bank also became the only Indian Bank to be included among the 100 Best Emerging Market Performers ranking by V.E, part of Moody’s ESG Solutions. The Bank’s Sustainability Report for FY 2021-21 continues to align with international benchmark disclosure frameworks such as Global Reporting Initiative (GRI) Standards, Taskforce on Climate-related Financial Disclosures (TCFD) recommendations, and PRB. The Report is also externally assured by KPMG Assurance & Consulting Services LLP in accordance with GRI standards.
In FY 2021, the Bank’s Inclusive & Social Banking and Microfinance Banking divisions continued to deliver access to finance to 9.8 lakh women customers in rural and semi-urban areas. YES BANK employees supported their communities by contributingmore than 200 volunteering hours to social causes and donating more than INR 21 lakh through the Bank’s payroll giving initiative.