HDFC Bank Limited has planned to become carbon neutral by 2031-32. The Bank is now looking for reducing its emissions, energy, and water consumption.
How will HDFC Bank turn carbon neutral?
HDFC Bank Limited will continue to incorporate and scale up use of renewable energy in its operations. Under its environmental, social, and corporate governance strategy, bank will also offer loans for green products such as electric vehicles at lower interest rates. It will incorporate environmental, social, and corporate governance scores in its credit decisions. Apart from that, HDFC Bank is also working on framework of issuing green bonds.
- To Decrease absolute emissions and energy consumed from current level of 315,583 MT CO2 emissions;
- To Increase rooftop solar capacity in large offices.
- Convert 50 per cent of the total sourced electricity to renewable energy.
- Create single-use plastic free corporate offices.
- To Plant 2.5 million trees.
- Reduce water consumption by 30 per cent.
With these efforts, HDFC is supporting India’s commitment in this direction and once the broad strategy is in place, it will introduce new measures.
HDFC Bank announces to turn carbon neutral by 2031-32