Aim for carbon neutrality in scope 1, 2 emissions by FY32: ICICI Bank
ICICI Bank has formulated a long-term vision for enhancing sustainability and becoming carbon neutral in scope 1 and scope 2 emissions by financial year 2032, a report released by the lender said.
Scope 1 are those direct emissions that are owned or controlled by a company, while scope 2 and 3 indirect emissions are a consequence of the activities of the company.
ICICI Bank, through its philanthropic arm, the ICICI Foundation for Inclusive Growth, planted more than 1.1 million trees in the financial year 2024. Additionally, its water conservation initiatives have generated an annual rainwater harvesting capacity exceeding 25.8 billion litres across the country, the report titled “Being Responsible, Being Sustainable: ICICI Bank ESG Report 2023-24” said.
Girish Chandra Chaturvedi, chairman at ICICI Bank, said, “We have set ourselves the goal of becoming carbon neutral in scope 1 and scope 2 emissions by financial 2032. Our endeavour to measure and monitor water consumption at our own premises has led to our per capita per day consumption being lower than the national average indicated by National Building Code. The bank is adopting responsible practices for embracing circularity related to waste management, disposal and encouraging recycling through authorised vendors.”
ICICI Bank allocated Rs 5.19 billion for corporate social responsibility (CSR) activities in the financial year 2024, up from Rs 4.63 billion the previous year. These efforts have positively impacted over 12.8 million individuals through healthcare, livelihood generation, and societal development initiatives, the report stated.
The bank expanded its healthcare initiatives to include cancer care in 35 hospitals across India and committed Rs 12 billion for the development of new institutions for the Tata Memorial Centre.
On renewable energy, the report said, “In financial year 2024, we increased the proportion of renewable energy within the total energy consumption from the grid and on-site solar generation to 35 per cent from 9 per cent in financial year 2023. With this, the Bank’s total green energy usage increased to 75.73 million kilowatt-hours (kWh).”
The report stated that the bank’s ESG framework is aligned to the United Nations Sustainable Development Goals (UN SDGs).
Under the “no poverty” goal, the bank’s CSR projects focused on livelihood and social interventions have positively impacted underprivileged communities, benefitting 10.7 million people by the end of FY24, the report said.
On “gender equality”, the bank has supported over 10 million women entrepreneurs through self-help groups and prioritises women in its skill and value chain development programmes.
First Published: Aug 17 2024 | 4:55 PM IST