YES BANK tops Indian Banks with highest S&P Global ESG Score in 2023

2024-11-22 02:53:32 News & Society

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Bengaluru, December 28, 2023: YES BANK has reached a notable milestone in its commitment to sustainability by achieving the highest Environmental, Social, and Governance (ESG) score amongst Indian banks, in the S&P Global Corporate Sustainability Assessment (*CSA) 2023. The Bank scored 73 (out of 100) in the 2023 S&P Global Corporate Sustainability Assessment, reflecting a marked improvement of 5 points over its score of 68 in 2022. This achievement reflects YES BANK's consistent efforts to enhance its ESG practices year after year.

The S&P Global CSA is considered one of the most comprehensive and granular assessments of corporate sustainability. It analyses up to 1,000 data points of an organisation's performance across diverse aspects such as Climate Strategy, Operational Eco-Efficiency, Financial Inclusion, Human Capital Development, Human Rights, Corporate Governance, and Risk Management, amongst others.

Mr. Niranjan Banodkar, Chief Financial Officer and Head - Sustainable Finance, YES BANK, commented on this achievement, saying, "Our improved score of 73 in the 2023 S&P Global CSA, as of December 1, 2023, emphasises our unwavering dedication to sustainability. Beyond mere metrics, it signifies the seamless integration of ESG values into our daily operations. We are resolute in championing eco-friendly initiatives, advocating responsible lending, and fostering inclusivity in banking. ESG isn't just a checklist; it's ingrained in our bank's culture and decision-making ethos. We aim to elevate sustainability as a fundamental aspect of our identity."

YES BANK has been a leader in sustainable banking initiatives. It was the first Indian Bank to report financed emissions of its electricity generation loan exposure and set targets in line with the Science Based Targets initiative. The Bank has committed towards achieving net zero emissions from its operations by 2030 and aims for 25% gender diversity in its workforce by FY 2024-25.

The Bank has implemented an Environment and Social Risk Management System (ESMS) to manage its financing activities' environmental and social impact. YES BANK has also developed and brought to market a number of new financial instruments such as India's first Green Bond in 2015 and India's first Green Fixed Deposit in 2018.

In 2023, YES BANK was also included in the FTSE4Good Index Series, recognising its commitment to ESG investing.

* Corporate Sustainability Assessment

About YES BANK

YES BANK is a full-service commercial bank providing a complete range of products, services, and technology-driven digital offerings, catering to retail, MSME, and corporate clients. YES BANK operates its investment banking, merchant banking, and brokerage businesses through YES SECURITIES, a wholly-owned subsidiary of the Bank. Headquartered in Mumbai, it has a Pan-India presence including an IBU at GIFT City and a Representative Office in Abu Dhabi.