Yes Bank Rated ‘A-’ Leadership Band By CDP
Yes Bank has unveiled that it has been awarded an ‘A-’ rating by the Carbon Disclosure Project (CDP) for its 2023 climate change disclosures. This prestigious recognition places Yes Bank as the highest-rated Indian Bank in this category for the second consecutive year, solidifying its leadership in climate action within the Indian banking landscape.
CDP’s annual assessment evaluates global organisations across various sectors, focusing on their climate-related performance. The Bank earned the ‘Leadership Band’ (A or A-) in 9 out of 12 climate-related disclosure categories. It excelled in areas like climate governance, emissions reporting (Scope 1, 2, and 3), emission reduction initiatives, and effective risk management processes.
CDP influence is over 18,700 companies and more than 740 institutions with assets worth over USD 130 trillion use CDP data for informed decision-making. By meeting high standards in climate-related disclosures, Yes Bank not only ensures its resilience and adaptability in a changing world but also sets a benchmark for other institutions in the financial sector.
Niranjan Banodkar, chief financial officer (CFO) and Head of sustainable finance, Yes Bank, said, “The leadership rating by CDP is a reflection of the Bank’s resolute focus to treat climate readiness as a significant pillar of our business strategy. Yes Bank remains committed to playing a leadership role in supporting and accelerating the transition to a climate resilient economy and continues to make concerted efforts to integrate climate considerations into its business, and transparently disclose its climate performance to all stakeholders.”
The Bank has strengthened its climate governance by constituting a board level, Corporate Social Responsibility (CSR) and Environmental Social Governance (ESG) Committee, in addition to a management-level Sustainability Council, chaired by the managing director (MD) and chief executive officer (CEO).
Sherry Madera, Chief Executive Officer at CDP said, “With over 23,000 businesses disclosing through CDP this year, it is clear that sustainability and the data that underpins it is not a ‘nice to have’, but an essential part of long-term success in the business community that is showing no sign of slowing down nor should it. Disclosure works, and today we should take a short pause to celebrate the dedication to transparency and accountability shown by Yes Bank reporting through CDP this year.”
