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State Bank of India said on Monday that it has become a signatory investor to the Carbon Disclosure Project (CDP), a global initiative for sustainable development.
CDP collects data on carbon emissions from 5,000 large companies every year, including the top 200 Indian companies listed on the National Stock Exchange.
Signatory financial institutions stand to get affected by environmental costs which come back into their respective portfolios as insurance premiums, taxes, inflated input prices and the physical cost associated with disasters, a release issued by SBI said.
“CDP provides investors, insurance companies and banks a lens to evaluate these externalities and how they will impact their specific portfolio,” it added.
Other lenders like HDFC Bank, IDBI, IDFC, Reliance Capital, Tata Capital, IndusInd Bank and Yes Bank are also signatories to the CDP while internationally, the names include 550 investors, including the likes of Black Rock, HSBC, Goldman Sachs and Morgan Stanley, who collectively have $ 71—trillion of assets under management, it said.
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