How is the ICICI Bank Propelling its SDG Journey?

The ICICI Bank’s Environmental, Social, and Governance (ESG) framework is aligned with the United Nations Sustainable Development Goals (UN SDGs). The bank reiterated that besides SDGs, most of its objects meet India’s commitments under the Paris Agreement, in its ESG report 2023-24. The , the report is titled “Being Responsible, Being Sustainable: ICICI Bank ESG Report 2023-24.”

Here are some ways ICICI Bank is aligning its ESG goals with the UN SDGs:

Carbon neutrality: ICICI Bank aims to achieve carbon neutrality for scope 1 and 2 emissions by 2032. The bank has increased its use of green energy and is focused on minimizing greenhouse gas emissions.
Water conservation: The bank has installed water recycling facilities at its offices in Mumbai and Hyderabad, and uses recycled water for landscaping and cooling towers. It also installs water-efficient plumbing fixtures in new and existing offices and branches. Additionally, its water conservation initiatives have generated an annual rainwater harvesting capacity exceeding 25.8 billion litres across the country.
Sustainable procurement: The bank is focused on sustainable procurement and has implemented OHSAS 18001 at 13 of its premises.
In its report, the bank said it has allocated Rs 5.19 billion for corporate social responsibility (CSR) activities in financial year 2024, up from Rs 4.63 billion the previous year. The projects focus on livelihood and social interventions, and have benefited over 10.7 million people as of the end of 2024.
Gender equality: The bank has supported over 10 million women entrepreneurs through self-help groups and prioritizes women in its skill and value chain development programs.
Through its philanthropic arm, the ICICI Foundation for Inclusive Growth, the bank planted more than 1.1 million trees in the financial year 2024.
Healthcare: 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.
Renewable energy: In financial year 2024, the bank 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).”

C-Suite thurst:

Girish Chandra Chaturvedi, Chairman, ICICI Bank, said, “We have set the goal of becoming carbon neutral in scope 1 and scope 2 emissions by financial year 2032. Our endeavor to measure and monitor water consumption at our own premises has led to 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 authorized vendors.”

We’re excited to announce the release of a concise version of our first research report on ESG (Environmental, Social, and Governance)! The report was unveiled at a recent Assocham webinar in honor of World Environment Day 2024.

With India’s rollout of the Business Responsibility and Sustainability Reporting (BRSR) framework, we recognized a potential gap in how companies address the “S” (social) aspect of ESG. Our research suggests that many organizations are neglecting this critical area or limiting their social efforts to Corporate Social Responsibility (CSR) initiatives.

This led us to delve into the question: Is the Social Factor the Blind Spot in ESG? Our report explores this topic and offers valuable insights.

Interested in learning more?

Download the concise report by clicking below.

https://writecanvas.in/our-templates/

To access the full report, contact us at [email protected].

We believe this research will be a valuable resource for businesses looking to strengthen their ESG practices.

Every year, International Women’s Day sparks a flurry of women-led activities. These include special news coverage, initiatives, awards, and recognition ceremonies. I want to draw everyone’s attention to the recurring euphoria of increased attention to women’s issues and gender diversity, and then a decline in focus throughout the rest of the year.

One of the latest initiatives involves the role of women in leadership and the corresponding antithesis. The increase in women in leadership roles is accompanied by a surge in gender-related jokes and memes, highlighting the superficial nature of progress.

While celebrating the increasing number of women in senior leadership positions is crucial, a more sustainable approach is needed. Implementing environmental, social, and governance (ESG) practices has led to a positive shift in the male-female ratio at leadership levels.

According to a McKinsey report:

a) 26% of women hold C-suite positions, 32% are VPs, and 28% are senior leaders (McKinsey, 2023).

b) Only 1 in 4 C-suite executives is a woman, and only 1 in 20 is a woman of color.

India’s image is more encouraging. According to Grant Thornton’s International Business Report for 2023, the percentage of women in senior management roles in mid-market Indian businesses is 36%, which is higher than the global average of 32%.

Furthermore, India’s share of female leadership positions in 2022 was 39%, higher than the global average of 31%. What’s interesting is that women are driving sustainability initiatives in the corporate sector.

The emphasis needs to be on appointing more women as Chief Sustainability Officers (CSOs) while recognizing the important role they play in corporate social responsibility (CSR) initiatives. This change is important for a number of reasons:

a) Empathy and environmental protection: Since women are generally seen as having greater compassion, businesses may place a greater emphasis on environmental protection.

b) Prior CSR experience: A large number of women occupy leadership roles in CSR, which equips them with the necessary skills to incorporate sustainable practices.

c) Emphasizing the social component of ESG: Women in CSO positions would guarantee that the social component of ESG gets the attention it deserves.

Today’s blog is about promoting a just and progressive change. We are by no means demanding out-of-turn promotions or unregulated reservations. Companies can gain access to a diverse range of perspectives and experiences by actively promoting women across management roles. These are essential components for creating truly inclusive leadership and a strong corporate culture.

AI-enabled accommodation data management company Vervotech has expanded its community outreach initiative by opening a new branch in a remote village in Maharashtra.

The company recently opened the regional office in Dawadi near Rajgurunagar Village in the Khed tehsil of Pune.

The community outreach initiative is a part of the company’s corporate social responsibility. The company wants to address location barriers for talented individuals beyond metros by creating equitable employment opportunities in rural areas.

Sanjay Ghare, CEO, Vervotech, said, “At Vervotech, we actively promote inclusivity both internally and externally. Setting up an office in Dawadi aligns with our values to keep pushing our limits to create impact within and outside the organization. With this step, we aim to bring the benefits of corporate culture and technology to even the remotest corners.”

The Government of India (GoI) has announced new corporate social responsibility (CSR) guidelines in an effort to serve the needs of the regional communities residing close to the ports.

The endeavor will make the ports not just sustainable workplaces, but also motivate them to follow the ESG framework that aligns with the UN SDGs for Good health and well being, Clean water and sanitation, Good health and well-being, Affordable and clean energy and Sustainable cities and communities.

The goals of the guidelines are to meet the needs of the local communities and incorporate them into society.

The bracket:
According to the guidelines, a board resolution must be used to establish a CSR Budget that represents a portion of net profit. These have additionally been bracketed as follows:

1. A port may set between 3% and 5% for CSR expenses if its annual net profit is $100 crores or less.
2. Ports with a net profit of $100 million to $500 million per year may set their CSR expenses at 2% to 3% of their net profit, or a minimum of $3 million.
3. Ports can dedicate 0.5% to 2% of their net profit to CSR if their annual net profit exceeds 500 crores.

Distribution:
The ports must set aside money from their CSR budget for the following kinds of activities:

i. 20% of district-level Sainik Kalyan Board, National Maritime Heritage Complex, and National Youth Development Fund CSR costs
ii. 78% for the community’s social and environmental well-being in areas like clean water, education, career development, skill improvement, electricity from non-conventional and renewable sources, health & family welfare, support for those who are less fortunate economically, community centres, hostels, etc.
iii. 2% for the oversight of projects carried out as part of CSR programmes.

Ownership:
The Major Port Authorities Act of 2021’s Section 70 has specific activities that will be impacted by the new CSR guidelines’ projects and programmes. A CSR committee must be established in each port to plan, carry out, and track the projects’ progress. According to a PIB statement, the Committee will be led by the deputy chairperson of the major port and will consist of two additional members. According to the statement, every major port must create a corporate social responsibility plan for each fiscal year and incorporate social and environmental considerations into its business plan.

“The CSR guidelines allow our ports to initiate, undertake, and expedite projects for community welfare through a framework where local communities can also become partners of development & change,” said Sarbananda Sonowal, the Union Minister of Ports, Shipping & Waterways, and Ayush, who also announced the new guidelines. “CSR has the potential to play a significant role in driving change in a place or on an activity to improve the lives of the populace,” he said.

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How is the ICICI Bank Propelling its SDG Journey? WriteCanvas News

Here are some ways ICICI Bank is aligning its ESG goals with the UN SDGs:

C-Suite thurst:

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Is Social the Blindspot in ESG? WriteCanvas News

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The Paradox of Women’s Leadership Renjini Liza Varghese

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Vervotech Expands Community Outreach with New Branch in Remote Village WriteCanvas News

ESG, sustainable workplace

New CSR guidelines for Indian ports Sonal Desai

How is the ICICI Bank Propelling its SDG Journey?
WriteCanvas News

Is Social the Blindspot in ESG?
WriteCanvas News

The Paradox of Women’s Leadership
Renjini Liza Varghese

Vervotech Expands Community Outreach with New Branch in Remote Village
WriteCanvas News

New CSR guidelines for Indian ports
Sonal Desai