HDFC Bank to become carbon neutral by 2031-32

Reported by: |Updated: June 7, 2021

HDFC Bank has revealed plans to become carbon neutral by 2031-32. The bank said it is looking at reducing its emissions, energy and water consumption. It will also continue to incorporate and scale up the use of renewable energy in its operations. Apart from these, the bank will offer loans for green products like electric vehicles at lower interest rates and incorporating ESG scores in its credit decisions. The bank is also working on a framework for issuing green bonds. The bank has already put in place a 3-pronged strategy to achieve its objective to become carbon neutral – reduce consumption, transition to renewable energy and offset carbon footprint. Some of the initiatives it is planning as part of the strategy are decreasing absolute emissions and energy consumed in line from current level of 315,583 MT CO2 emissions, increasing rooftop solar capacity in large offices, converting 50% of its total sourced electricity to renewable energy and creating single use plastic free corporate offices. Ashima Bhat, Group Head – CSR, Business Finance and Strategy, Administration and Infrastructure at the bank, said the broad strategy is in place and going forward the bank will finetune it and introduce new measures if necessary.