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ICICI Bank Aims To Become Carbon Neutral By Fiscal 2032

By TheCSRUniverse Team Published 22 Aug 2024

Mumbai, Aug 22, 2024: ICICI Bank has committed to becoming carbon neutral by fiscal 2032, as outlined in its Environmental, Social, and Governance (ESG) report for 2023-24.

The report emphasises the Bank’s diverse initiatives, including efforts to mitigate environmental impact, promote inclusive growth for underprivileged communities, adhere to responsible lending practices, and maintain high standards of corporate governance.

Sandeep Batra, Executive Director at ICICI Bank, said, “It gives me immense pleasure to present the fifth annual Environmental, Social, and Governance report of ICICI Bank and share our ongoing commitments and achievements in the journey towards building a sustainable organisation. The key tenets of ‘Fair to Customer, Fair to Bank’ and ‘One Bank, One Team,’ with the right balance of risk and compliance principles, are helping deliver on our strategy of responsible growth.”

According to the report, ICICI Bank’s environmental initiatives are marked by significant milestones. The Bank quadrupled its renewable energy consumption in its own operations, reaching 7.57 crore kWh in fiscal 2024 compared to 1.7 crore kWh in the previous year. Solar capacity installed across rural schools also saw notable growth, with 1,950 kW added in 770 schools in fiscal 2024, bringing the total solar capacity to 9,970 kW across 3,180 schools since fiscal 2022.

These initiatives contributed to a 15.7% reduction in Scope 1 and Scope 2 emissions during fiscal 2024. Additionally, water conservation efforts led to an annual water harvesting capacity of 2580 crore litres, benefiting 6,800 schools and restoring 1,180 water bodies. The Bank has also planted 37 lakh trees since fiscal 2022, including 11 lakh in fiscal 2024, and saved 2.75 crore A4-sized papers through paper-saving initiatives.