YES BANK, India’s fifth largest private sector bank, made a major announcement at Conference of Parties (COP) 21 climate summit in Paris to mobilize USD 5 billion towards climate finance in India. To achieve India’s target of meeting its Intended Nationally Determined Contributions (INDCs), YES BANK aims to mobilize USD 5 billion from 2015 to 2020 for climate action through lending, investing and raising capital towards mitigation, adaptation and resilience.
Mr. Rana Kapoor, Managing Director & CEO, YES BANK, while taking this commitment highlighted: “COP21 is demonstrating the potential to strengthen partnerships amongst governments and business, establishing new pathways to achieve business and financial innovations to address climate change. This was triggered by businesses fulfilling their commitments made in September 2014 at the UN Climate Summit. YES BANK had committed to target funding 5000 MW clean energy annually which it has overachieved. Proactive corporate intervention is critical to achieving the climate goals and financial institutions have a larger role in driving climate action. YES BANK is fully committed to play the role of a catalyst and would work towards unlocking innovative financial mechanisms towards achieving India’s ambitious target of combating climate change in the near and long term.”
Through these commitments YES BANK pledges to strengthen overall environment sustainability. The two weeks COP21 Climate Summit, attended by over 150 Heads of States and Governments and more than 40,000 delegates will aim to limit the rise in global temperatures to less than 2 degree Celsius through a common agreement.