Yes Bank to mobilise $5 billion by 2020 to fight climate change
Yes Bank has announced that it will mobilise up to USD 5 billion of funds to fight climate change by 2020. “Proactive corporate intervention is critical to achieving the climate goals and financial institutions have a larger role in driving climate action. Yes Bank is fully committed to play the role of a catalyst”, its managing director and chief executive Rana Kapoor said.
The money will be mobilised through various means, including “lending, investing and raising capital towards mitigation, adaptation and resilience”, the bank said. The bank was the first Indian lender to raise money by issuing ‘green bonds’, where money is raised to fight climate change.
The statement issued at a time when all the countries are discussing strategies on climate change in Paris, did not offer any further details. The bank said it will be targeting funding 5,000 MW of clean energy, increase the share of renewable energy in its portfolio, plant two million trees and also offset carbon emissions through its operations by 2020.
It said USD 2.5 billion will be needed towards achieving India’s target of meeting its Intended Nationally Determined Contributions (INDC) by 2030. The bank has an exposure to 1,065 MW of renewable energy projects including solar, wind and biomass.
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