YES Bank, India's fourth largest private sector bank, made a major announcement for funding 500 MW of clean energy every year, towards its commitment to the Renewable Energy sector in India, on the occasion of The United Nations Climate Summit 2014 launched by the UN Secretary General, Ban Ki-Moon.
Rana Kapoor, MD & CEO, while giving this commitment highlighted, ''In line with the Indian Government's heightened focus on the renewable policy front, increased budgets for clean power and climate change adaptation, and given that YES BANK has achieved a leadership position in this growing and dynamic domain, we commit to a target of funding 500 MW of clean energy every year, with periodic upward revision, based on clean energy market expansion in India.''
The clean energy market is steadily increasing in India, with additional capacity of 3000 MW added every year. Yes Bank holds a leadership position in this space, funding almost 15% of this additional capacity, averaging at 380 MW per annum. Through this commitment Yes Bank pledges to strengthen overall environment sustainability.
''As conduits of economic activity, Banks can play a central role in driving the global action on climate change forward. At Yes Bank, we view climate change as an opportunity that can further hasten the development and adoption of sustainable technologies,'' said Namita Vikas, senior president and country head, responsible banking, on the bank's commitment.
Shares of the bank declined Rs 6.8, or 1.17%, to trade at Rs 575.95. The total volume of shares traded was 119,961 at the BSE (11.55 a.m., Wednesday).