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How is the ICICI Bank Propelling its SDG Journey?

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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.”

 


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Act NOW

Renjini Liza Varghese


Globally, many countries recorded August 2023 as one of the hottest months. While some nations reported August to be the hottest in a century, some others noted it to be warmer in some decades.

Even in India, we recorded higher-than-normal temperatures. Many states and regions recorded explicit climate change. The high-terrain states like Uttarakhand and Himachal Pradesh were reeling under cloud bursts, heavy rains, landslides… The devastation continues. On the other hand, states like Kerala or Maharashtra, which should have been receiving monsoon showers, recorded very few monsoon showers. To the extent that Kerala was forced to sign more PPAs (the state meets 90% of its supply from hydro) for supply from other states.

In this context, India’s presidency at the G20 was keenly watched event. Climate action topped the agenda. Held in New Delhi on 9-10 September 2023, with ‘Vasudhaiva Kutumbakam’ (One Earth, One Family and One Future) as a theme, the leaders discussed steps to accelerate action to tackle climate change. The cooperation of G20 members plays a critical role in shaping the way forward.

It is an open fact now — the cascading effects have reversed the progress made in the 2030 Agenda and its Sustainable Development Goals (SDGs). No doubt, the global greenhouse gas (GHG) emissions continue to increase, adversely affecting lives and livelihoods. As per reports by the UN, globally, challenges like poverty and inequality, climate change, pandemics and conflicts disproportionately affect women, children and the most vulnerable.

In the document released after the G20 meeting, the G20 Leaders agreed to take concrete action through partnerships.

They committed to 12 major points, of which I list the primary 5.

  • Accelerate the full and effective implementation of the 2030 Agenda for Sustainable Development.
  • Pursue low-GHG/low-carbon emissions, climate-resilient and environmentally sustainable development. We will urgently promote Lifestyles for Sustainable Development (LiFE) and conserve biodiversity, forests and oceans.
  • Scale up financing from all sources to accelerate progress on SDGs.
  • Accelerate efforts and enhance resources towards achieving the Paris Agreement, including its temperature goal.
  • Close gender gaps and promote women’s full, equal, effective and meaningful participation in the economy as decision-makers.

I want to draw your attention to the officially released document. It elaborately touches upon the criticality of the energy transition, circularity, climate financing, the need to battle plastic pollution, the adoption of technology and gender equality. The document highlighted the role of private entities and corporations in climate action.

The document paves the way for concrete action. It lays down principles and opens avenues for partnerships. This means the time for action is NOW. Start ACTING. I would love these concluded points to turn into actions immediately. In my opinion, we have crossed the tipping point…. We are on the slide; the disaster can swallow us in a fraction of a second.

The pledge is taken. Promises made. Act NOW


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