Mumbai, Maharashtra, India
L&T Finance Holdings Ltd. (LTFH), a leading Non-Banking Financial Company (NBFC) has been conferred with the ‘Champions of ESG’ Award at the Global Fintech Fest (GFF) 2023 held in Mumbai. GFF is the largest fintech conference, jointly organised by the National Payments Corporation of India (NPCI), the Payments Council of India (PCI), and the Fintech Convergence Council (FCC).
The Company’s Environmental, Social, and Governance (ESG) journey started in 2018-19, making it one of first NBFCs to embrace sustainability. The ESG Policy adopted by LTFH has been a guiding framework to incorporate ESG considerations into operations and business, and mitigate material impacts and risks. Integrating ESG practices in to the Company’s businesses have resulted in achieving significant strides towards initiatives like financing Electric Vehicles (EVs), offering rural group loans and micro finance to over 60 lakh women borrowers among others.
In order to reduce its carbon footprint, LTFH continuously assesses and implements energy-efficient measures and makes efforts to move to Green Energy wherever feasible in its operations. In FY23, the Company invested in increasing the carbon sinks through sapling plantations under its project titled ‘Prakruti’.
Mr. Dinanath Dubhashi, Managing Director & CEO of LTFH, said, “We at LTFH, have adopted ESG as one of the pillars of sustainable business growth as part of our Lakshya 2026 strategy. LTFH is one of the early adopters among NBFCs in the country to raise Sustainability Focussed and Linked Loans. We have raised such loans to the tune of Rs. 585 crore with a commitment to achieve progress on three important sustainability linked Key Performance Indicators relating to Water Positivity, Carbon Sequestration and Responsible Lending to women entrepreneurs. In FY23, we undertook numerous measures in this direction and have also made significant progress in our efforts to become Carbon Neutral by FY35. In addition, we initiated the merger of entities to create a single lending entity to further strengthen governance. LTFH published its maiden Integrated Annual Report, which explains the Company’s performance and value creation model for stakeholders. We are delighted to receive ‘Champions of ESG’ Award at the Global Fintech Fest 2023 and remain committed to building an ESG conscious organisation.”
In addition to the various initiatives, the Company is taking focused measures in other areas like Health and Safety, Diversity, Inclusion and Equity, Human Rights, Data Privacy and continues to identify and evaluate various avenues to reduce its carbon footprint.