Yes Bank is set to reduce greenhouse gas (GHG) emissions from its operations across India to net zero by the year 2030, in line with the country's goals of the Paris climate agreement.
As a first step towards the feat, YES BANK House, the Bank's headquarters in Mumbai's Santa Cruz, has completely switched to renewable energy to cut its emissions significantly.
Net-zero means the balance between the amount of greenhouse gas produced and the amount removed from the atmosphere. One reaches net zero when the amount added is no more than the amount taken away.
Made on January 2022, the shift aims to reduce around seven per cent of its total Scope 1 and Scope 2 emissions – which originate from diesel consumed in diesel generator sets, grid electricity consumption, and refrigerant leakage from air conditioners. The Bank's net-zero emissions target covers its absolute Scope 1 and Scope 2 emissions, which remained at 44,168.12 tonnes of carbon dioxide equivalent in the fiscal year 2019-20, the base year for Yes Bank's net-zero targets.
Switching To LED Fixtures
In addition to sourcing renewable energy to power its facilities, the Bank's multi-pronged approach to achieving the estimated target includes switching to LED fixtures at all branches and using energy-efficient (five-star rated) appliances and machines. It will also offset part of its emissions through carbon sequestration projects, according to India CSR.
Chief Financial Officer of YES BANK Niranjan Banodkar said that the net-zero target is a strategic pillar of its overall climate strategy of aligning its business with the global 1.5-degree pathway. The Bank recognises that companies have a critical role in combating climate emergencies and supporting national and international efforts to build a climate-neutral world. He added that the Bank sees it as an opportunity to be on the right side of history.
Besides going green with its internal operations, YES BANK has also taken definitive steps towards decarbonising its portfolio. In the fiscal year 2020-21, the Bank measured and reported the financed emissions of its electricity generation sector exposure, targeting to align it with sectoral decarbonisation pathways.
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