Yes Bank signs green finance charter with European Development Finance Institutions
Yes Bank, India’s fourth largest private sector bank, and FMO (the Development Bank of the Netherlands), along with DEG (the Development Bank of Germany) and Proparco (the Development Bank of France), organized an investment symposium on ‘The Opportunity of Green Finance in India’, Tuesday, where the four banks signed a charter to champion green finance in India. Through the charter, the four banks committed to mobilize green investments, seize opportunities in Indiaâ€™s sunrise sectors, and contribute to achieving Indiaâ€™s Nationally Determined Contribution (NDC) and Sustainable Development Goals (SDG) targets, towards climate change.
The symposium, which aimed to shed light on the increasing investment potential of green assets in India and the Asia-Pacific region, also marked the launch of Yes Bank’s (Q,N,C,F)* first Green Bond Impact Report, highlighting the outcomes of projects financed by the Bank’s three green bonds, as of FY17. The proceeds of the green bonds issued by YES BANK have helped fund renewable energy projects across nine states of India, and are estimated to generate 2.35 million MWh of electricity, annually. Additionally, these projects will potentially avoid annual emissions of 2.3 MT of Carbon Dioxide (CO2), 19 KT of Sulphur Dioxide (SO2), and 5.7 KT of Oxides of Nitrogen (NOX). YES BANK issued India’s first ever Green Infrastructure Bonds in February 2015, raising INR 10 billion, followed by a second issue of INR 3.15 billion in August 2015. In September 2016, Yes Bank raised INR 3.3 billion by issuing a 7-year term green bond to FMO-the Dutch bank’s first investment in Green Infrastructure Bond issued by a bank in India.
Rana Kapoor, MD & CEO, Yes Bank, said, ”Green Financing has become a propeller of the global sustainability agenda and will play a mission critical role in meeting India’s climate targets. The governmentâ€™s thrust towards transforming India into a low-carbon economy offers financial institutions and investors an unprecedented opportunity to leverage green financing as a growth accelerator for sunrise and climate positive sectors such as renewable energy. Yes Bank has taken a lead in demonstrating innovative climate financing mechanisms, and catalyzing the Indian climate finance market. We are proud to partner and to facilitate global development banks in expanding their green portfolios in India.”
Shares of the bank gained Rs 8.15, or 0.57%, to trade at Rs 1,442.55. The total volume of shares traded was 302,431 at the BSE (Tuesday).