ICICI Bank to introduce exclusive lending facility to support clean energy projects

ICICI Bank, as a part of its pro-environment initiative, said that it is working on an exclusive lending facility for businesses and people working in areas of clean energy and energy efficiency.

Chanda Kochhar, CEO and MD of ICICI Bank said, "We are always on the lookout for good projects that seek to develop and/or deploy clean energy technologies. We have the resources to support a large number of such projects and we would want to expand our activities in this area."

Talking about the steps being undertaken by ICICI Bank for lending towards clean energy sector, Kochhar said that the bank also provides concessional finance to the projects in these areas and the concessions depend on various criteria.

Ahead of the World Environment Day on June 5, Kochhar also asked other banks, the government and the private sector to come forward to work for a clean and green environment.

"ICICI Bank has been assisting projects and initiatives in the area of environmental sustainability for over two decades. We continue to support initiatives being taken by the industry in this area. At the same time, we will also look at projects that protect our biodiversity (flora and fauna) as well. As we observe World Environment Day, I have mentioned to my team that they should identify and support at least one project to protect an endangered species in the country to start with," she said.

"Our Bank did adopt six villages in remote high altitude border areas and I am glad that this turned out to be a very successful initiative. We will continue to identify the most vulnerable populations in similar geographies and support initiatives of this type," Kochhar said.

To minimise the environmental impact of emissions, she said, "Banks should also take up capacity building initiatives internally so that they are better equipped to understand and lend to these sectors. I am confident that if banks and industry work together to save energy and promote clean energy, we can significantly reduce our carbon footprint."

Read more about: icici bank
Story first published: Monday, June 3, 2013, 9:31 [IST]
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