Mumbai: The State Bank of India on Monday said 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 SBI release said.
“CDP provides investors, insurance companies and banks with a lens through which to evaluate these externalities and how they will impact their specific portfolio,” it added.
Other lenders like HDFC Bank Ltd, 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.