ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 2023-24
Being Responsible Being Sustainable
The Banyan Tree, India’s national tree, symbolises strength and cultural unity. Revered as a symbol of sustainability and interconnectedness in Indian culture, it plays a vital role in the environment by providing shelter, nourishment and protection to various forms of bird and animal species, and humans. These attributes of the Banyan tree resonate with ICICI Bank’s environmental, social and governance agenda of creating value for all stakeholders, and preserving and promoting environmental sustainability for a better tomorrow.
About the Report
Sustainability is integral to ICICI Bank’s philosophy and is embedded in each of its business functions. The Bank continues to take focussed initiatives to drive its sustainability journey.
Focus Areas of ESG Policy
Responsible Financing
Environmental Sensitivity in the Bank’s Operations
Our Customers
Our Employees
Society
Corporate Governance
Cybersecurity and Data Privacy Governance Framework
Stakeholder Engagement and Accountability
Message from the Chairman
We have set ourselves the goal of becoming carbon neutral in Scope 1 and Scope 2 emissions by fiscal 2032.
Girish Chandra Chaturvedi Chairman
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Message from the Executive Director
In fiscal 2024, we continued our efforts towards reducing the Bank’s emissions from our own operations through mechanisms to adopt more green power.
Sandeep Batra Executive Director
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Carbon Neutral by Fiscal 2032
ICICI Bank has formulated a long-term vision for enhancing sustainability and becoming carbon neutral in Scope 1 and Scope 2 emissions
- Reduced its total Scope 1 and Scope 2 emissions by 15.7% during fiscal 2024 over previous fiscal.
‘Net Zero Waste’ Certification
Received for Service Centre at BKC, Mumbai
Trees Planted (in million)
1.1
Fiscal 2024
3.7
Since fiscal 2022
27.5 million
A4 sized papers
=
2,044*
Trees saved
*As per estimates, 17 trees can be saved from one tonne of A-4 sized paper. During the fiscal, the Bank has saved over 120 tonnes of paper.
25.8 billion
Litres annual water harvesting capacity created
At
6,800
Schools
&
1,180
Water bodies
183
Offices with 4.95 million sq. ft. area is IGBC-certified
=
86**
Football grounds
**A standard football field is of 57,600 sq. ft.
CSR activity in Rural Schools
1,950 kW
Solar capacity created in 770 schools in fiscal 2024
9,970 kW
Solar capacity created in 3,180 schools since fiscal 2022
Renewable Energy Consumption in the Bank’s Own Operations (in million kWh)
All numbers are at March 31, 2024
Lives Positively Impacted (in million)
12.8
In 250 districts across India
=
2.1
By healthcare initiatives
+
3.7
Through livelihood programmes
+
7
By societal development interventions
Societal Welfare
99
Pedestrian bridges built in Himalayan region since fiscal 2022
Empowering Women through SHGs (in million)
1.1
In fiscal 2024
10
Since inception
Broad-based Board of Directors (13)
9
Independent Directors
4
Executive Directors
(at March 31, 2024)
Robust Role and Independence of the Board
Independent Directors
- Chair most committees
- Constitute the majority on most committees
- The Board’s supervisory role is separated from the executive management
- 10 committees formed to oversee critical functions of the Bank
- Performance of the Board is assessed on multiple parameters by independent external agency
Strengthened Climate Risk Management
- Introduced sectoral analysis of hard-to-abate sectors
- Expanded the ESG risk assessment tool to more sectors
- Integrated ESG assessment in credit evaluation of lending proposals above a certain threshold for large corporates
Outstanding Sustainable Financing portfolio grew to ₹685.28 billion
at March 31, 2024
Green financing portfolio was ₹193.66 billion at March 31, 2024
- ~ 50% of this was for financing renewable energy
Cybersecurity and Data Protection Governance
Multiple levels of management oversight with ultimate responsibility lying with the Board of Directors
Dedicated Cybersecurity Incident Response Team (CSIRT) to respond to security incidents
The Bank’s Personal Data Protection Standard ensures personal data is kept secured
Key Principles of Customer Rights Policy
Right to Fair Treatment
Right to Transparency
Fair and Honest Dealing
Right to Suitability
Right to Privacy
Right to Grievance Redressal and Compensation
ICICI Bank’s Contribution to UN SDGs
The United Nation’s Sustainable Development Goals (UNSDGs) is an action-oriented framework encompassing economic, social and environmental aspects that aims to transform the lives and livelihood of people. India has endorsed the UNSDGs, implemented suitable policy frameworks and is adopting several initiatives to meet its commitments. Significant strides have been made on issues like poverty eradication, sustainable growth, health, nutrition, gender equality, quality education, among others. Accelerated action in areas like environment and climate change are undertaken to meet the commitments under the Nationally Determined Contributions (NDCs). At ICICI Bank, we are consistently drawing on these ambitions set out to transform India and sharing the vision of prosperity for its people and the planet.
Stakeholder Engagement and Materiality Assessment
The Bank is committed to inclusion, economic development and sustainable growth of all its stakeholders
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