Federal Bank’s efforts have been recognised and it has been awarded the Top Performing Bank 2023 Climate Assessment for Financial Institutions (CAFI) Awards for Climate Reporting, by the International Finance Corporation (IFC) (a World Bank group). From among 258 financial institutions who participated in CAFI tool on climate reporting, Federal Bank emerged the top performer. 

Prestigious Accolades Won By Federal Bank

Federal Bank won accolades globally as well as in the South Asian region.

On the global stage, Federal Bank secured two positions:

1. The Highest Climate Loan Amount Reported

2. The Most GHG Mitigated category.

It secured four prestigious recognitions in the South Asian region in the following categories:

1. Most Transactions Reported

2. Highest Climate Loan Amount Reported

3. Most GHG Mitigated

4. Best Achievement vs Climate Targets

The awards are a testament to the unfaltering commitment to the climate-conscious practices adopted by the bank. They also emphasise the proactive approach of the bank to address climate change and invest in impactful climate projects.

Sustainable Initiatives Undertaken by Federal Bank

Federal Bank considers climate responsibility to be a very important part of its operations. It has put in a lot of effort to reduce its operational carbon footprint. Some of the initiatives undertaken by the bank include:

1. Digitalisation of products and services

• The Bank issued its first Electronic Bank Guarantee in partnership with NeSL (National e-governance Services Limited). Under this initiative, physical stamp paper need not be procured. Furthermore, printing, stamping, and signing of physical documents will not be required. This has made it quite convenient for customers in addition to ensuring the effective use of resources.
• The bank also launched Digital Loan, wherein the entire process of application and receipt of loan is done online.

2. The generation and use of renewable energy

• As of March 2023, the bank successfully installed solar rooftop plants in many branches and office premises, reaching a total capacity of 300KW.
• It aims to increase the capacity to 500KW by FY 2024-25.

3. The responsible use of resources

• Federal Bank is prioritising water stewardship, in order to preserve water resources and extend its support to communities, and teach them to follow sustainable business practices.
• The bank has also adopted mindful architecture and implemented water harvesting systems across specific premises. This has led to effective conservation and reuse of rainwater. As of March 2023, the Bank has successfully installed rainwater harvesting units with a capacity of 84,000 litres. This helped conserve an approximate of 2,00,000 litres of water.

4. Implementation of energy efficient technologies

• To utilise energy efficiently, the Bank is replacing all the CFL light fittings in its premises with energy-efficient LED lights.
• It also is replacing the conventional AC units with Inverter type AC units that use eco-friendly low GWP gas, gradually. This upgrade reduces energy consumption and minimises emissions.

5. Implementation of emission reduction strategies

• In their effort to reduce emissions, the bank has committed to procure only BEE star-rated equipment.
• It also organised CSR activities like the installation of solar lights to minimise the carbon footprint and planting trees.

Conclusion

Federal Bank has undertaken a lot of initiatives to ensure it minimises the emissions and reduces its carbon footprint. The accolades won for its efforts are an indicator of its dedication to making the world a better place to live in.