Pioneering Sustainability: YES BANK tops Indian Banks with highest S&P Global ESG Score in 2023

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Pioneering Sustainability: YES BANK tops Indian Banks with highest S&P Global ESG Score in 2023
Pioneering Sustainability: YES BANK tops Indian Banks with highest S&P Global ESG Score in 2023
  • Highest CSA* Score amongst Indian banks

  • Scored 73 (out of 100) in the 2023 S&P Global CSA*

  • Marked an improvement of 5 points over its score of 68 in 2022.

This achievement reflects YES BANK’s consistent efforts to enhance its ESG practices year after year.

Bengaluru, December 28, 2023: YES BANK has reached a notable milestone in its commitment to sustainability by achieving the highest Environmental, Social, and Governance (ESG) score amongst Indian banks in the S&P Global Corporate Sustainability Assessment (*CSA) 2023. The bank scored 73 (out of 100) in the 2023 S&P Global Corporate Sustainability Assessment, reflecting a marked improvement of 5 points over its score of 68 in 2022. This achievement reflects YES BANK’s consistent efforts to enhance its ESG practices year after year.

The S&P Global CSA is considered one of the most comprehensive and granular assessments of corporate sustainability. It analyzes up to 1,000 data points of an organization’s performance across diverse aspects such as climate strategy, operational efficiency, financial inclusion, human capital development, human rights, corporate governance, and risk management, amongst others.

Mr. Niranjan Banodkar, Chief Financial Officer and Head – Sustainable Finance YES BANK, commented on this achievement, saying, “Our improved score of 73 in the 2023 S&P Global CSA, as of December 1, 2023, emphasizes our unwavering dedication to sustainability. Beyond mere metrics, it signifies the seamless integration of ESG values into our daily operations. We are resolute in championing eco-friendly initiatives, advocating responsible lending, and fostering inclusivity in banking. ESG isn’t just a checklist; it’s ingrained in our bank’s culture and decision-making ethos. We aim to elevate sustainability as a fundamental aspect of our identity.”

YES BANK has been a leader in sustainable banking initiatives. It was the first Indian bank to report the financed emissions of its electricity generation loan exposure and set targets in line with the Science-Based Targets initiative. The bank has committed to achieving net zero emissions from its operations by 2030 and aims for 25% gender diversity in its workforce by FY 2024–25.

The bank has implemented an Environment and Social Risk Management System (ESMS) to manage its financing activities’ environmental and social impact. YES BANK has also developed and brought to market a number of new financial instruments, such as India’s first green bond in 2015 and India’s first green fixed deposit in 2018.

In 2023, YES BANK was also included in the FTSE4Good Index Series, recognizing its commitment to ESG investing.

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