Mumbai, January 15, 2018: YES BANK, India’s fifth largest private sector bank, becomes the first and the only Indian bank to support Financial Stability Board’s (FSB) Taskforce on Climate-related Disclosures (TCFD) at the One Planet Summit hosted by French President Emmanuel Macron in Paris to mark the 2nd anniversary of the historic Paris Agreement.
The growing climate-risks for businesses have made it imperative for markets to receive the right information to mitigate the risks and seize the opportunities that are being created by the transition to a low carbon economy. The TCFD, led by Michael R. Bloomberg and established by the Financial Stability Board (FSB), which is chaired by Bank of England Governor Mark Carney, developed voluntary recommendations on climate-related information that companies should disclose to help investors, lenders, and others make sound financial decisions. It provides a framework for disclosing climate-related risks and opportunities, going beyond current practices, by including them in the mainstream financial filings.
Supporting companies represent a broad range of industries, including construction, consumer goods, energy, metals & mining, transport, finance, as well as national governments. The recommendations have garnered support from Indian organizations such as the National Stock Exchange, Tata Steel and Wipro. Currently, 237 companies globally with a combined market capitalization of over USD 6.3 trillion, support the recommendations. This includes over 150 financial firms, responsible for assets of over $81.7 trillion.
While commenting on extending this support, Mr Rana Kapoor, Managing Director& CEO,
YES BANK, said, ““YES BANK, is a strong proponent of ESG disclosures, and welcomes the recommendations on climate related financial disclosures by TCFD. I am sure this intervention by FSB and TCFD would accelerate overall understanding of climate-related risks and opportunities towards better decision making which in turn would fuel climate finance globally, especially impacting emerging economies. The recommendations with its holistic disclosure framework play a critical role in mobilizing public and private finance for climate action, and future-proofing of businesses, thus enabling a sustainable global financial system.”
YES BANK remains committed to its vision of the becoming “INDIA’s FINEST QUALITY LARGE BANK ”, with Responsible Banking as a strategic growth pillar. Demonstrating its ESG leadership, YES BANK continues to be the first and the only Indian bank to be selected in Dow Jones Sustainability Index (DJSI) - Emerging Markets for three consecutive years and additionally selected in MSCI ACWI ESG Leaders, MSCI ACWI SRI and FTSE4Good Emerging Index for 2017.
About the Task Force on Climate-related Financial Disclosures
On December 4, 2015, the Financial Stability Board (FSB) established the industry-led Task Force on Climate-related Financial Disclosures (TCFD) with Michael R. Bloomberg as Chair, four Vice Chairs and 32 members in total. The TCFD was tasked to develop voluntary, consistent climate-related financial risk disclosures for use by companies in providing information to lenders, insurers, investors and other stakeholders, which were published in the final TCFD Recommendations report on June 29, 2017. For more information, visit:
About YES BANK
YES BANK, India’s fourth largest private sector bank is a high quality, customer centric and service driven Bank. Since inception in 2004, YES BANK has grown into a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers. YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 29 states and 7 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at http://www.yesbank.in/