- Release of YES BANK – TERI report ‘Business imperatives of adopting Circular Economy in India', at World Sustainable Development Summit 2018
Delhi, February 19, 2018: YES BANK, India’s fourth largest private sector bank partnered TERI (The Energy and Resources Institute) as Banking Partner for the World Sustainable Development Summit (WSDS) 2018 in New Delhi.
Shri Suresh Prabhu, Hon'ble Minister of Commerce and Industry, Government of India inaugurated the YES BANK - TERI joint report on ‘Business imperatives of adopting Circular Economy in India’. The report offers a self-evaluation tool for business to optimize resources at product & organization level. The tool, names Materiality Circularity Indicator assesses Circularity at both - product and organization level, allowing businesses to align their performances in line with principles of circularity and highlight untapped opportunities.
L to R: Mr Ratan P Watal, Member Secretary, Economic Advisory Council; Ms Astrid Schomaker, Director, Global Sustainable Development; Mr Chanakya Chaudhary, Group Director, Corporate Communications & Regulatory Affairs, Tata Steel; Dr Prodipto Ghosh, Former Secretary, GoI; Shri Suresh Prabhu, Hon'ble Minister of Commerce and Industry, GoI; Mr Anil Kumar Jain, Addl. Secretary, Ministry of Environment Forest and Climate Change, GoI; Ms Namita Vikas, Global Head, Climate Strategy and Responsible Banking, YES BANK; Dr Ajay Mathur, Director General, TERI
Hon’ble PM Shri Narendra Modi delivered the Inaugural Address on February 16 and stressed on re-enforcement of India’s commitment to work towards a sustainable planet, for present and future generations. The PM highlighted India’s steady progress on creating a carbon sink of 2.5-3 bn tonnes of carbon dioxide equivalent by 2030, a mighty feat. As the world’s fastest growing major economy, the PM spoke about India’s immense energy needs, expected to be met by 175 GW Energy from renewable sources, by 2022.
The Summit also witnessed participation from Shri H.S. Puri, Minister (IC) for Housing and Urban Affairs; Shri R.K. Singh, MoS (I/C), Power & Renewable Energy; Shri Jayant Sinha, MoS, Civil Aviation; Dr. Harsh Vardhan, Union Minister, Ministry of Science & Technology, Ministry of Environment, amongst a host of other National and International decision makers.
Commenting on this occasion, Rana Kapoor, MD & CEO, YES BANK, said “In a world of finite resources, it is crucial to identify and innovate a new and restorative economic model. The concept of circular economy promises a way out, through improved longevity of products, waste minimization, sharing, renting, repair and reuse to maximize product value before returning it to the environment safely. Given its USD 4.5 trillion global opportunity, innovative businesses and start-ups are already venturing into this space.”
YES BANK believes that as a financial institution, there is an inherent need to play a leading role in India’s development. Since its inception in 2004, YES BANK through its ‘Responsible Banking’ ethos has believed in creating sustained value for its stakeholders, through social, economic and environmental dimensions. Integrated with core business strategy, Responsible Banking steers the sustainable development agenda at YES BANK through its pathways of Social & Developmental Impact, Climate Action, and Transparency & Disclosures.
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/