Federal Bank, a leading financial institution in India, has announced its latest environmental initiative in partnership with DHL Express India. Federal Bank has subscribed to DHL’s innovative ‘Go-Green Plus’ plan, a solution designed to significantly reduce the bank’s carbon emissions associated with export and import document transport worldwide.
Johnson K. Jose, Executive Vice President & Head-Operations, commented, “This ‘Go-Green Plus’ service, introduced during the latest annual contract renewal with DHL, is a unique carbon-reduction program that aligns with the bank’s Environmental, Social and Governance (ESG) commitments. It utilises Sustainable Aviation Fuel (SAF) to offset carbon emissions generated by courier services, a significant component of the bank’s Scope 3 emissions.”
In 2023, Federal Bank reported a total of 18,473 metric tonnes of CO2e in Scope 3 emissions. The adoption of the ‘Go-Green Plus’ plan is a strategic move to address the emissions from couriers, parcels and posts, which had not been reported previously. DHL’s data indicated that Federal Bank’s emissions from overseas couriers amounted to approximately 45 tonnes in the calendar year 2023. With the implementation of ‘Go-Green Plus’, these emissions are expected to reduce by 30% initially in CT24, with the potential for further reduction in the future.
Key features of the ‘Go-Green Plus’ initiative include:
- In setting for Carbon Emission Reduction: Actively contributes to reducing the Bank’s Scope 3 emissions through in setting.
- Book and Claim Methodology: Ensure supply chain continuity with minimal disruption.
- User-Friendly Integration: A plug-and-play model for easy adoption into the bank’s operations.
- SGS Validated Emission Reports and Certificates: Credible and globally recognised validation of the bank’s annual carbon emission reduction.
Federal Bank has become one of the pioneers in the banking sector to take proactive steps in reducing Scope 3 emissions from downstream activities. By subscribing to the ‘Go-Green Plus’ plan, it reinforces its commitment to the ‘Green Move’ and takes a significant step forward in its ESG journey, said a release.