Bank commits to mitigate the negative effects of climate change, says Singh
HDFC Bank, under its ESG commitments, is funding the largest waste to energy project to treat 550 tonnes per day of wet waste generated by Indore City and convert it to 100% green products like biogas and manure at Indore in Madhya Pradesh.
The Compressed Biogas (CBG) plant, the largest Bio-CNG plant in Asia, is by Indore Clean Energy Pvt Ltd (ICEPL) and is promoted by Green Growth Equity Fund (GGEF), the largest climate impact fund in India with anchor investors like NIIF and the Government of UK.
It is designed produce 17,000 kg/day of CNG and 100 tonnes/day of organic compost.
The Gobar-Dhan plant is expected to treat 50% of municipal waste generated in Indore City and convert to 100% green products (biogas and manure).
ICEPL has a 20-year concession agreement with Indore Municipal Corporation (IMC) for procurement of municipal solid waste and converting it to CBG.
“As India’s largest private sector Bank, we have always stayed strong in our commitment to positively impact the environment and the community at large. Our core value of sustainability has guided our ESG practice and is now part of our DNA,” said Rakesh Singh, Group Head – Investment Banking, Private Banking, Marketing & Products at HDFC Bank.
“This funding is a part of our commitment to mitigate the negative effects of climate change and make the bank carbon neutral by 2031-2032,” Singh said on 22 Feb 2022. fiinews.com
