ICICI Bank is committed to conducting business responsibly and promoting growth that is sustainable and inclusive. We believe that development is meaningful only when there is shared prosperity and value creation for all stakeholders, including the society and the environment. The Bank has laid out certain objectives drawing from the UN Sustainable Development Goals and is taking steps that build on these. The Bank’s focus on environmental, social and governance (ESG) areas is anchored by a dedicated team and guided by an executive-level ESG Steering Committee under the oversight of the Risk Committee of the Board of Directors.
In fiscal 2023, we strengthened our policies and frameworks, developed internal roadmaps and action plans, created awareness across the Bank, built capability among key functions, and enhanced disclosures. Some of the key initiatives included developing a Framework for Sustainable Financing for guiding sustainable and sustainability-linked lending, as well as a Supplier Code of Conduct for vendor engagements. We also set up guidelines for green procurement, adopted sustainable practices like the use of recycled paper and green power, improved our understanding of Scope 3 emissions, and undertook an assessment to measure, monitor and reduce the carbon footprint in the Bank’s own operations. This is gradually getting reflected in ICICI Bank’s improving ESG ratings.
ICICI Bank, through its CSR implementing arm - ICICI Foundation for Inclusive Growth, aims to create an enduring impact on the society and the environment. It continues to encourage all employees to voluntarily contribute towards such initiatives to promote inclusive growth. Climate change considerations have become important for organisations as they steer their strategies around decarbonisation. The challenges facing us are the evolving regulatory and policy framework, and the need to meet the expectations of a diverse set of stakeholders. The Bank is committed to acting on these aspects and building on the opportunities that will emerge within India’s national goals and commitments. ICICI Bank is aligned to the government’s push in areas like renewable energy, green hydrogen, electric mobility, sustainable buildings and water security.
ICICI Bank’s ESG Report and the Business Responsibility and Sustainability Report for fiscal 2023 provide details about the progress we have made, and an insight into our ongoing efforts. I look forward to your continued support in the Bank’s journey towards strengthening our ESG objectives and achievements.
With best regards,
Sandeep Batra Executive Director
Mr. Sandeep Batra is the Bank’s Executive Director responsible for driving the Bank’s ESG initiatives and the reports.