New York, 23rd September:YES BANK Limited, India’s fourth largest private sector bank, made a major announcement for funding 500 MW of clean energy every year, towards its commitment to the Renewable Energy sector in India, on the occasion of The United Nations Climate Summit 2014 launched by the UN Secretary General, Ban Ki-Moon.
Mr Rana Kapoor, Managing Director & CEO, while giving this commitment highlighted:
“In line with the Indian Government’s heightened focus on the renewable policy front, increased budgets for clean power and climate change adaptation, and given that YES BANK has achieved a leadership position in this growing and dynamic domain, we commit to a target of funding 500 MW of clean energy every year, with periodic upward revision, based on clean energy market expansion in India.”
The clean energy market is steadily increasing in India, with additional capacity of 3000 MW added every year. YES BANK holds a leadership position in this space, funding almost 15% of this additional capacity, averaging at 380 MW per annum. Through this commitment YES BANK pledges to strengthen overall environment sustainability.
“As conduits of economic activity, Banks can play a central role in driving the global action on climate change forward. At YES BANK, we view climate change as an opportunity that can further hasten the development and adoption of sustainable technologies.” said Ms Namita Vikas, Senior President and Country Head, Responsible Banking, on the Bank’s commitment.
The Bank’s commitment is especially significant as it is the youngest Indian private sector bank in operation and holds the only greenfield banking license awarded by the Reserve Bank of India (RBI), in the last 17 years. Details of the commitment have been featured in the IFC Climate Finance Report released at the UN Climate Summit on 23rd September.
YES BANK is one of the few Indian corporates and amongst the only seven financial institutions representing the worldwide BFSI sector to be invited to speak at the UN Climate Summit in New York, 2014.
The UN Climate Summit, attended by over 120 Heads of States, representatives from all UN Member States, and local and national leaders from the public and private space in finance, business and civil society, will aim to mobilize political will for a global statement by 2015 that limits the rise in global temperatures to less than 2 degree Celsius.
In addition to representatives from governments, business leaders from companies such as Asia Pulp and Paper Group, Bank of America, Cargill, GDF SUEZ, Golden Agri-Resources Ltd, Ingersoll-Rand plc, KfW Bankengruppe, McDonald’s Corporation, Saudi Aramco, Unilever, Walmart, and Credit Agricole attended the Summit.
ABOUT YES BANK
YES BANK, India’s fourth largest private sector Bank, is the outcome of the professional & entrepreneurial commitment, vision & strategy of its Founder Rana Kapoor and his top management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the Future Businesses of India.
YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers. YES BANK has a knowledge driven approach to banking, and a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving its organizational character as the Professionals’ Bank of India with the uncompromising Vision of “Building the Best Quality Bank of the World in India by 2020!
For further information, please contact:
YES BANK Limited
Ph.: +91 22 66699153
Ph.: +91 22 67574444