Study on ‘Electric Mobility: Achieving a Paradigm Shift’ released 

NEW DELHI: February 16, 2018: YES BANK, India’s fourth largest private sector bank partnered TERI (The Energy and Resources Institute) as Banking Partner for the World Sustainable Development Summit (WSDS) 2018 in New Delhi.

The joint initiative outlines key findings, including front runners in adoption of Clean Energy, basis ease of scalability and preferred mode of transport, and the convergence of the ‘Make in India’ initiative together with Green policy interventions and Green bonds to make EV a transport reality in India. This is in line with the Government’s ambitious target of achieving 100% electrification of transport by 2030.

Hon’ble PM Shri Narendra Modi delivered the Inaugural Address on February 16 and stressed on re-enforcement of India’s commitment to work towards a sustainable planet, for present and future generations. The PM highlighted India’s steady progress on creating a carbon sink of 2.5-3 bn tonnes of carbon dioxide equivalent by 2030, a mighty feat. As the world’s fastest growing major economy, the PM spoke about India’s immense energy needs, expected to be met by 175 GW Energy from renewable sources, by 2022.

The Summit also witnessed participation from H.S. Puri, Minister (IC) for Housing and Urban Affairs; R.K. Singh, MoS (I/C), Power & Renewable Energy; Jayant Sinha, MoS, Civil Aviation; Dr. Harsh Vardhan, Union Minister, Ministry of Science & Technology, Ministry of Environment, amongst a host of other National and International decision makers.

Commenting on this occasion, Rana Kapoor, MD & CEO, YES BANK, said, “Electric mobility landscape in India is currently at a nascent stage, with India requiring nearly 8 times the existing global stock of EVs. There is an urgent need to scale creation of an enabling infrastructure. This ambitious target will provide the much required thrust to make Electric Mobility a programmatic reality in the near future.”

 YES BANK believes that as a financial institution, there is an inherent need to play a leading role in India’s development. Since its inception in 2004, YES BANK through its ‘Responsible Banking’ ethos has believed in creating sustained value for its stakeholders, through social, economic and environmental dimensions. Integrated with core business strategy, Responsible Banking steers the sustainable development agenda at YES BANK through its pathways of Social & Developmental Impact, Climate Action, and Transparency & Disclosures.

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