ICICI Bank's Environmental, Social, and Governance (ESG) Report for 2024-25 outlines its commitment to responsible and sustainable practices, emphasizing long-term value creation for stakeholders and societal development. The Bank’s approach is inspired by the Konark Wheel, symbolizing discipline, balance, continuous motion, and timeless wisdom.
Corporate Governance and ESG Framework ICICI Bank has embedded sustainability into its core business strategy and operations, guided by a robust ESG structure and a Board-approved ESG Policy. The principles of "dharma" (righteousness), "Truth, Trust and Transparency" are cornerstones of its governance. Key tenets include "Fair to Customer, Fair to Bank," "One Bank, One Team," "Return of Capital is Paramount," "Agile Risk Management," and "Compliance with Conscience".
The Board of Directors, comprising 12 Directors (8 Independent, 4 Executive) as of March 31, 2025, provides ultimate oversight, with independent directors forming a majority on most committees. The Risk Committee of the Board maintains strong oversight on the ESG Policy, reviewing action plans, external reporting, and stakeholder feedback. An ESG Steering Committee, chaired by the Group Chief Financial Officer, reinforces these efforts. The Bank's corporate governance framework aims to meet legal and regulatory requirements and embed a culture of ethics, risk awareness, and compliance.
Environmental Sustainability Initiatives The Bank is on a journey to become carbon neutral in Scope 1 and Scope 2 emissions by fiscal 2032. In fiscal 2025, renewable energy accounted for 38% of its total electricity consumption (up from 35% in fiscal 2024), achieved through grid-sourced renewable energy, on-site solar panels, and the purchase of 11,000 MWh of International Renewable Energy Certificates (IRECs). Total renewable energy consumption in fiscal 2025 was 92.13 million kWh.
Other environmental efforts include:
- Digitisation of Operations: Saving 29.7 million A4-size papers in fiscal 2025, equivalent to 2,203 trees and abating 234.5 tCO2e emissions. 79% of pre-printed forms now use FSC-certified recycled paper.
- Water Conservation: Installed Atmospheric Water Generators (AWG) at five premises, capable of generating 8,000 liters of potable water daily, benefitting over 4,200 employees and reducing reliance on packaged water. Water recycling capacity stands at 80 KLD in Mumbai and 1,100 KLD in Hyderabad, with recycled water used for landscaping and cooling towers.
- Green Buildings: Expanded its green building footprint by four sites in fiscal 2025, covering 72,000 sq. ft., with 187 IGBC-certified sites covering 5 million sq. ft. in total.
- Waste Management: Implements robust waste management, including composting organic waste and recycling e-waste through authorized agencies.
The Bank also addresses climate and ESG risks through a Climate Risk Management Framework, integrating physical and transition risk assessments into its lending frameworks and own operations. It uses an ESG risk assessment tool for corporate lending, which was expanded to 20 sectors in fiscal 2025.
Social Outreach and Development ICICI Bank's social agenda is largely driven by its CSR arm, ICICI Foundation for Inclusive Growth (ICICI Foundation). The Bank increased its CSR allocation to ₹8.01 billion in fiscal 2025, up from ₹5.19 billion in fiscal 2024. Since its inception, ICICI Foundation has positively impacted 18.9 million individuals through initiatives in skill development, livelihood creation, and healthcare.
Key areas of social development include:
- Healthcare: Enhanced contribution to Tata Memorial Centre (TMC) to ₹18 billion for setting up three new cancer care facilities. Healthcare interventions enabled 2.5 million individuals to access quality treatment in 550 hospitals across India since 2020.
- Livelihood Enhancement: Empowered over 11 million women through 9.8 million Self-Help Groups (SHGs) since 2011, providing over ₹300 billion in funds and loans. In fiscal 2025, livelihood projects impacted 5.4 million individuals. Initiatives include supporting farmers with horticulture, orchard plantation, and modern farming techniques, reviving millet cultivation in tribal communities, and promoting mushroom cultivation among tribal women in Odisha, producing 212,790 kg of mushrooms valued at ₹19 million since 2019.
- Environmental Restoration (CSR): Planted 1.2 million trees in fiscal 2025, bringing the total to 4.9 million since fiscal 2022. Created 33.87 billion litres of annual water harvesting capacity through 17,453 water bodies and 9,690 schools. Engaged in forest conservation across 56 forests and tiger reserves in 19 states. Promoted clean energy by installing biogas units in rural areas and creating 3,006.5 kWp of solar capacity in rural areas in fiscal 2025.
- Skill Development and Education: Collaborates with educational institutions to promote learning opportunities and support training labs. The ICICI Academy for Skills program, which benefited over 2 lakh individuals with vocational training, concluded in fiscal 2025. Financial literacy programs have benefited 210,000 individuals since inception.
Customer Centricity and Employee Welfare The Bank prioritizes customer delight and satisfaction through a "Customer 360°" approach, offering seamless digital platforms and a robust grievance redressal mechanism. A Customer Service Committee of the Board and the Standing Committee on Customer Service regularly review customer service initiatives. ICICI Bank proactively educates customers on safe banking practices through campaigns like "#BeatTheCheats," which garnered over 228 million views in fiscal 2025.
For its human capital, the Bank follows a "One Bank, One Team" philosophy, focusing on fair compensation, learning and growth, and employee care. In fiscal 2025, employees received 10 million learning hours, averaging 10 learning days per employee. The Bank also ensures a safe and healthy workplace, with 21 premises (accommodating 23% of its workforce) holding ISO 45001 certification.
Risk Management and Cybersecurity The Bank's enterprise risk management framework covers cyber risks, with oversight from the Board of Directors and a dedicated Cybersecurity Incident Response Team (CSIRT). No material incidents of security breaches or data loss were reported in fiscal 2025. Business Continuity Planning (BCP) and Disaster Recovery (DR) drills are regularly conducted to ensure operational resilience.
Reporting and Recognition ICICI Bank's ESG Report adheres to guidelines from the Global Reporting Initiative (GRI), Task Force on Climate-related Financial Disclosures (TCFD), and Sustainability Accounting Standards Board (SASB). The Bank received an 'A' rating from MSCI ESG Rating, 18.90 (Low risk) from Sustainalytics ESG Rating, and was recognized as the "Most Sustainable Company" in the 'large bank' category by Business Today.