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State Bank of India (SBI) becomes signatory to Carbon Disclosure Project

India has announced a goal of reducing the emissions intensity of its GDP by 20-25% by the year 2020, as compared to 2005.

The Carbon Disclosure Leadership Index (CDLI) rankings are part of the Carbon Disclosure Project (CDP), the gold standard globally for Climate Change disclosures. The India chapter of the CDP is stewarded by the CII-ITC Center for Sustainable Development and WWF India.The CII-ITC Centre of Excellence for Sustainable Development was set up to create a conducive climate for Indian businesses to pursue sustainability goals.

The CDP project requested climate change and investment related information  from the top 200 companies in 2010 in India.

Last year, the information request was backed by 534 institutional investors, with more than US$64 trillion assets under management. Indian institutional investors such as HDFC Bank Ltd, IDBI, IDFC, Reliance Capital and Yes Bank Ltd. were part of these 534 global institutional investors.

The responses from these corporations provides an insight on how top 200 Indian companies, by market capitalisation,are driving innovation and taking action to embrace a low-carbon future. Fifty one companies from diverse sectors,responded to the information request, representing 25.5 per cent of the top 200 Indian companies.

The top 10 companies from India on the CLDI is in the table below:

Carbon Disclosure Leadership Index India 2010

According to reports, the country’s biggest lender, State Bank of India, has become a signatory investor to the Carbon Disclosure Project (CDP), a collaboration of over 550 institutional investors with assets under management of US $71 trillion.

“Bank was the first in the entire Banking, Insurance and Financial Services sector to have conceptualised and owned wind farms for generation of green power to part substitute consumption of thermal power by its offices in India and we have already launched a project to measure and manage organization level foot print to achieve carbon neutrality” said Shri O.P.Bhatt, Chairman, State Bank of India. “Partnering with CDP has only reiterated the Bank’s resolve and commitment towards sustainable development” he said.

“We are delighted to welcome the financial powerhouse, State Bank of India, as a signatory. As much of the world’s economic recovery will now come from rapid growth in emerging economies like India, it was crucial for us to have a strong partner like the SBI to promote the truly global fight for sustainable development,” said Paul Simpson, CEO of CDP.

“We are pleased that State Bank of India has become a signatory, as this conveys a strong message to the Indian finance sector and the strategic role it can play in promoting a sustainable future” said Ravi Singh, Secretary General and CEO of WWF-India.

Being a major bank in the country, SBI stands to become a great catalyst in encouraging the adoption of sustainable strategies by both – businesses and the financial sector. We congratulate SBI on becoming a signatory to CDP; this is a very important milestone for the initiative in India” said Seema Arora, Principal Counsellor & Head of CII-ITC Centre of Excellence for Sustainable Development.

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