IOB Takes Step To Combat Climate Change And Promote Responsible Banking

Chennai, Feb 6, 2025: As Indian Overseas Bank (IOB) approaches its 89th Foundation Day on February 10, it announced its commitment to environmental sustainability by becoming a signatory of the Partnership for Carbon Accounting Financials (PCAF). With this step, IOB becomes one of the early adopters in the Indian banking sector to join this global initiative, reinforcing its commitment to combating climate change and promoting responsible banking.

The Partnership for Carbon Accounting Financials (PCAF) is a globally recognized collaboration of financial institutions working together to harmonize the measurement and disclosure of greenhouse gas (GHG) emissions associated with loans and investments. By joining this initiative, IOB aims to enhance transparency, adopt best practices in GHG accounting, and contribute meaningfully to India climate goals.

Speaking on this partnership, Ajay Kumar Srivastava, MD & CEO, said, “As Indian Overseas Bank steps into its 89th year, we take pride in our legacy of trust and progress while embracing a sustainable future. By becoming a signatory of the PCAF initiative, we reaffirm our commitment to responsible banking and environmental stewardship. This milestone aligns with our vision to integrate sustainability into our core operations and support India's journey towards a greener and more resilient economy.”

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As part of this initiative, IOB will measure and disclose the greenhouse gas (GHG) emissions associated with its financed activities, ensuring a transparent understanding of its environmental impact; adopt globally harmonized methodologies for GHG accounting, aligning with international best practices in the financial industry; and strengthen its role in India net-zero journey, supporting the nation's commitment to achieving carbon neutrality by 2070, as pledged at the COP26 summit.

By embracing sustainable finance, Indian Overseas Bank is taking proactive steps to align with global climate action initiatives while continuing to support its customers and communities in transitioning toward a greener future.