Three major development banks have joined major Indian private sector financier Yes Bank and signed a charter to mobilise green investments in India.
FMO, the Development Bank of the Netherlands, along with DEG, the Development Bank of Germany, and Proparco, the Development Bank of France, all partnered with Yes Bank to help expand their green portfolios in India.
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Yes Bank has also launched its first Green Bond Impact Report, highlighting the achievements of the Bank’s three green bonds that have financed renewables projects in nine states.
Yes Bank issued India’s first ever Green Infrastructure Bonds in February 2015, followed by issuances in August 2015 and September 2016.
Rana Kapoor, managing director and CEO, Yes Bank, said: “The government’s thrust towards transforming India into a low-carbon economy offers financial institutions and investors an unprecedented opportunity to leverage green financing as a growth accelerator for sunrise and climate positive sectors such as renewable energy. Yes Bank has taken a lead in demonstrating innovative climate financing mechanisms, and catalysing the Indian climate finance market.”
