THEBUSINESSBYTES BUREAU
MUMBAI, FEBRUARY 23, 2026
Union
Bank of India participated in the Mumbai Climate Week (MCW) 2026, the Global
South’s city-led platform for accelerating climate action, held from February
17–19, 2026 at the Jio World Convention Centre, Bandra Kurla Complex, Mumbai.
The
Bank unveiled three leadership documents developed jointly with leading think
tanks to help translate climate ambition into investable action for Indian
industry. The first, Decarbonising steel & cement sector,
developed with GIZ, German Agency for International Cooperation, presents
technology pathways for decarbonization in hard-to-abate sectors, along with
implementation strategies, maturity levels, low-carbon technologies and
financing mechanisms. The second, Climate Scenario Modelling for
Transition Planning, developed with CEEW, Council on Energy,
Environment and Water, highlights the Bank’s pioneering work in using the GCAM
(Global Change Analysis) Model to develop India-specific climate scenarios and
covers its application in climate risk and opportunity analysis as well as its
integration into transition planning. The third, Operational
Decarbonization & Net Zero Roadmap, developed with E&Y,
Ernst & Young, details how the Bank is embedding its Net Zero 2035 (Scope 1
and 2) commitment into operations, strategy and processes.
In
addition, the Bank launched an industry-leading capacity-building initiative
titled “ESG
Certification Program for Indian Banks”, developed jointly with CPI
(Climate Policy Initiative).
The
Bank also hosted “the Union Bank Climate Dialogue” on the transition of
hard-to-abate sectors, bringing together industry representatives, think tanks,
regulators, financial institutions, investors, rating agencies and other
stakeholders. The dialogue deliberated on low-carbon technologies, data-related
challenges, policy expectations, regulatory developments, demand-side pressures
and financial instruments available for transition.
As part of the event, the Bank announced recent recognitions from rating agencies aligned with its sustainability strategy. These include the CareEdge ESG Rating of “CareEdge ESG 1+” — reflecting Union Bank’s leadership position in the ESG space — and Moody’s Second Party Opinion (SPO) of SQS2 — “Very Good Sustainability Quality” assigned to Union Bank of India’s Sustainable Financing Framework. SQS2 is the second-highest level on Moody’s Sustainability Quality Score scale, underscoring the Bank’s strong commitment to sustainable and responsible financing.
Union Bank of India remains committed to translating climate ambition into investable action. Through robust ESG governance, credible frameworks and partnerships across industry and the knowledge ecosystem, the Bank will continue to finance India’s low-carbon transition and create lasting value for customers, shareholders and stakeholders at large.
