Indian Overseas Bank Sustainability Profile
Indian Overseas Bank (IOB), headquartered in Chennai, India, is a prominent player in the banking and financial services industry. Established in 1937, IOB has a rich history marked by significant milestones, including its expansion into international markets and the introduction of innovative banking solutions. The bank operates extensively across India and has a growing presence in various overseas regions, catering to a diverse clientele. IOB offers a comprehensive range of products and services, including personal banking, corporate banking, and international banking, distinguished by their customer-centric approach and competitive interest rates. With a strong market position, Indian Overseas Bank has received accolades for its commitment to financial inclusion and digital banking initiatives, making it a trusted choice for millions of customers seeking reliable banking solutions.
DitchCarbon Score
How does Indian Overseas Bank's carbon action stack up? DitchCarbon scores companies based on their carbon action and commitment to reducing emissions. Read about our methodology to learn more.
Industry Average
Mean score of companies in the Financial Intermediation industry. Comparing a company's score to the industry average can give you a sense of how well the company is doing compared to its peers.
Industry Benchmark
Indian Overseas Bank's score of 13 is lower than 93% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Indian Overseas Bank's reported carbon emissions
In 2023, Indian Overseas Bank reported total carbon emissions of approximately 6,443,630 kg CO2e for Scope 1 and about 35,936,500 kg CO2e for Scope 2. This reflects a significant commitment to transparency in their emissions reporting, although no data for Scope 3 emissions was disclosed. Comparatively, in 2022, the bank's emissions were approximately 2,041,000 kg CO2e for Scope 1 and about 44,498,600 kg CO2e for Scope 2. This indicates a reduction in Scope 1 emissions, while Scope 2 emissions saw a decrease as well, suggesting ongoing efforts to manage and mitigate their carbon footprint. Despite these figures, Indian Overseas Bank has not set specific reduction targets or climate pledges, nor do they participate in initiatives such as the Science Based Targets initiative (SBTi). The absence of formal reduction commitments highlights an area for potential growth in their climate strategy. Overall, Indian Overseas Bank's emissions data reflects a proactive approach to environmental accountability, with a clear need for enhanced climate commitments to align with industry standards and expectations.
How Carbon Intensive is Indian Overseas Bank's Industry?
How Carbon Intensive is Indian Overseas Bank's Location?
Indian Overseas Bank's Climate Goals (2030 & 2050)
Climate goals typically focus on 2030 interim targets and 2050 net-zero commitments, aligned with global frameworks like the Paris Agreement and Science Based Targets initiative (SBTi) to ensure alignment with global climate goals.
Indian Overseas Bank has not publicly committed to specific 2030 or 2050 climate goals through the major frameworks we track. Companies often set interim 2030 targets and long-term 2050 net-zero goals to demonstrate measurable progress toward decarbonization.
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