YES BANK, India’s fifth largest private sector bank, became the First Indian Bank to partner the Carbon Pricing Leadership Coalition (CPLC), a first of its kind voluntary partnership of national and sub-national governments, businesses, and civil society organizations; led by the World Bank Group.
Launched in December 2015, during the COP21 climate negotiations in Paris by World Bank and other founding members, Carbon Pricing Leadership Coalition’s vision is to cover 25% of global GHG emissions by explicit carbon prices by 2020 and to double this again by 2030.
The coalition currently has 25 government partners including Italy, France, Germany, Switzerland and United Kingdom and 89 private sector partners including Coca-Cola HBC AG, Ernst & Young, Nestlé, Philip, Unilever, Mahindra and Tata Group amongst others.
Following the increased emphasis on putting a price on carbon, corporate and governments had initiated conversations to address climate change and its transition from concern’ to ‘action. At the same time, the World Bank Group, business groups, and investors have called on governments and corporations around the world to support carbon pricing to bring down emissions and drive investment into cleaner options.
At the inaugural CPLC High Level Assembly on 15th April, 2016 at World Bank, YES BANK signed the CPLC in the esteemed presence of H.E Ban Ki-moon, UN Secretary General, Mr. Jim Yong Kim, President – World Bank Group and Ms. Christine Lagarde, Managing Director – IMF.
As a private sector partner to CPLC, YES BANK has committed to work for building momentum of Carbon Pricing by:
- Learning to better assess the Bank’s carbon liability in a macro economic scenario
- Pricing carbon internally to optimize operations and de-risking investment decisions
- Selecting carbon free assets and practices, to build portfolio resilience and achieve a faster rate of innovation both internally and across the wider economic landscape
During the assembly, World Bank President Dr. Jim Yong Kim said “Putting a price on carbon pollution will cut emissions, improve people’s health, and spur new investments in clean technology,” adding that success “will have a clear impact on our efforts to end extreme poverty in the world in 15 years.”
Mr. Rana Kapoor, Managing Director & CEO, YES BANK also noted, “We are extremely pleased to join the Carbon Pricing Leadership Coalition along with 25 governments and 90 companies globally to support the carbon pricing policy development momentum.
As a financial institute we would have an excellent opportunity to integrate carbon pricing into our investment decisions, optimize operational performance by putting internal carbon pricing and mobilize finance towards it.”
The Carbon Pricing Leadership Coalition (CPLC) was created after receiving overwhelming support at the 2014 UN Secretary-General’s Climate Summit in New York, and was officially launched at COP21 in Paris. Its vision is to cover 25% of global GHG emissions by explicit carbon prices by 2020 and to double that again in the next decade.
Image via Yes Bank’s Facebook page