77
4. Only 10% respondents measure their carbon footprint.
5. Only 17% Banks have emission reduction plan in place. It is done at two levels (a) Internal: Here
Energy efficient resource are being used at the organisation level (b) External: Here only those
projects are financed which checks their carbon emission.
6. 15% respondents had formal partnerships at some level to initiate climate change activities.
7. 15% of respondents have undertaken Energy Audits in their organisation.
8. 37% of Climate Change Initiatives are into Energy Sector, 26% in waste minimization and 15% each
in education and purchases.
Innovation & Future plans
1. Only 15% respondents have sustainability benchmarks in place.
2. 21% respondents incentivise people taking loans for renewable energy or any green initiative.
3. 11% respondents were involved in the trading of project based carbon credits.
4. Only 11 % respondent launched any products or services to customers that promote low carbon
products and services.
5. 15% respondents have incorporated climate and carbon issues into retail banking area till date.
6. Only one respondent (Axis Bank) had incorporated any climate and carbon issues into research
activities till date.
7. 26% respondents said they are engaging with IREDA to emulate best practices for financing
renewable energy projects.
Major Recommendations:
Awareness:
Though at level of Banks sufficient awareness seems to be existing (79%) but still they think Lack of
awareness about climate change (22%) to be as the major barrier. This calls for more capacity building
and awareness generation on the issue. This could be done by the CSR wing of Banks.
Preparedness:
Banks seems to be prepared for undertaking Green Initiatives, but only at their organizational level.
Like having solar panels in their organization or having water harvesting structure in their office. This
call for setting up a strong and dedicated Project Finance department which could reap benefits of being
a early starter into climate finance initiatives which is going to boom in coming days. Climate Finance
can be seen akin to health sector which are here to stay. Only limiting factor here is the need for low cost
long term finance and improved technology. This in due course of time is surely going to improve. This
enhanced preparedness would lead to diversification in portfolio of Renewable Energy projects that gets
financed by Banks.
Voluntary Measures:
Only few Banks are part of International Policy framework which calls for voluntary disclosure,
compliance & reporting of their funds invested in climate finance. (eg. IDFC is part of Equator principle).
Others should follow the step of IDFC for more transparency and accountability.
