Yes Bank has been approved as an accredited entity by Green Climate Fund (GCF) during its recently concluded 24th board meeting. As an accredited entity, the bank will propose and implement climate projects funded by GCF. The bank was the first Indian private bank to be nominated as ‘Direct Access Entity’ for GCF by the ministry of environment, forests and climate change, post which it initiated the accreditation process. The bank would sign an Accreditation Master Agreement with GCF, which allows it to mobilize GCF resources to finance projects tackling climate change. GCF is a $10.3 billion (pledged) global fund created by the 194 signatories to the United Nations Framework Convention on Climate Change to support developing nations to respond to the challenge of climate change. Namita Vikas, group president & global head, Climate Strategy and Responsible Banking, Yes Bank, said with responsible banking as one of the core pillars, the bank has emerged as the leading new age bank that is mainstreaming green financing in India.
