CDP rates YES BANK A- for its Climate Change Disclosures
YES BANK has been rated ‘A-‘ (Leadership Band) by CDP for its 2020 Climate Change disclosures, surpassing the average ratings for the Financial Services and the Asia Region, which stand at ‘B’ and ‘D’, respectively. The Bank also achieved the ISO 14001:2015 certification for its Environmental Management System (EMS) for a record eighth year in a row and continues to be the only Bank globally to have the highest number of facilities (732) certified under the international standard.
What does the rating indicate?
CDP annually rates global organizations across sectors, based on their climate-related performance. YES BANK earned the ‘Leadership Band’ (A/ A-) in 5 out of 11 climate-related disclosure categories including Governance, Risk Management Process, Emission Reduction Initiatives and Scope 1 and 2 emissions, among others. The ratings are reported to be accessed by more than 500 institutional investor signatories of CDP, with assets totaling USD 106 trillion.
ISO 14001:2015 is a globally recognized standard developed by the International Organization for Standards (ISO) that sets out the criteria for an EMS. The Bank’s EMS is geared towards greening operations and enhancing its environmental performance.
Speaking on the announcement, Niranjan Banodkar, Group Chief Financial Officer, YES BANK, said, “As a Bank, we are cognizant of our environmental impacts and responsibility towards climate action, and continually endeavour to improve our environmental performance. This is an effort driven by the Bank – reflected in the YES BANK’s eighth straight year of achieving the ISO 14001:2015 certification and second year of being rated ‘A-‘ by CDP.”
Damandeep Singh Director, CDP India, said, “Investors’ action on climate change will be a major factor in winning the battle against climate change. We congratulate YES BANK for featuring among the ‘Rising Stars’ of companies in 2020. We look forward to seeing how they not only improve their green performance but also that of their portfolio to driver greater climate action.”
YES BANK has adopted an Environmental Management Policy aimed at reducing its carbon emissions intensity by 10% year-on-year. The certification highlights the Bank’s efforts at conserving natural resources, improving key resource efficiencies, and reducing its carbon footprint. The certification has been awarded by Bureau VERITAS India Private Limited.
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