First Indian Bank to report as per Financial Stability Board’s (FSB’s) Taskforce on Climate-related Financial Disclosures (TCFD) Recommendations
Includes enhanced disclosures on climate-related risks
Mumbai, June 25, 2018: YES BANK, India’s fourth largest private sector bank, has released its Sustainability Performance Review for FY 2017-18, titled ‘Future Now’. With this Report, YES BANK has become the first Indian Bank to release enhanced sustainability disclosures aligned to TCFD recommendations. The Report continues to adhere to the GRI Standards reporting framework choosing to report as per the ‘In accordance - Comprehensive’ option, emphasizing it includes responses on all material issues identified through stakeholders’ dialogue and consultation. The Report has been externally assured by KPMG, making it at par with global peers.
Commenting on the enhanced sustainability disclosures, 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 has been striving towards creating a sustainable economy, by adopting ‘Future Now’ strategies to deliver scalable, developmental and market-based solutions. With the belief that future emerges from the present, YES BANK this year continued to deliver on accelerated positive impact through unique, scalable and sustainable solutions, which has been its biggest differentiator. This report titled ‘Future Now’ holistically captures the Bank’s economic, environmental, social and governance performance, as it realigns its compass, anticipating changing stakeholder expectations.
At the historic One Planet Summit, held in December, 2017 in Paris, hosted by Emmanuel Macron, Hon’ble President of French Republic, Jim Yong Kim, President of World Bank Group, and António Guterres, Secretary-General, United Nations (UN), YES BANK was one of the few private sector entities across the world and the first Indian Bank to make a commitment of support to TCFD recommendations on climate risks and opportunities. Globally, 237 companies 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 USD 81.7 trillion. YES BANK’s enhanced sustainability disclosures are in line with this global commitment by the Bank.
YES BANK remains committed to achieve its vision of ‘Building the Finest Quality Large Bank of the World in India’ 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: https://www.fsb-tcfd.org/
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 28 states and 9 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/
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