Mumbai: Union Bank of India participated at the Mumbai
Climate Week (MCW) 2026, the Global South’s city‑led platform for accelerating
climate action, being held from February 17th –19th, 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 ambition into
investable action for the Indian industry.
1) Decarbonising steel & cement sector
(developed jointly with GIZ, German Agency for International Cooperation). The document present technology pathways for decarbonization in
hard-to-abate sectors, implementation strategy, maturity level, low carbon
technologies and financing mechanisms.
2) Climate Scenario Modelling for
Transition Planning (developed jointly with CEEW, Council on
Energy, Environment and Water). The document highlights the Bank’s pioneering work
in using the GCAM (Global Change Analysis) Model for developing climate
scenarios specific to India. The document covers usage of the model in climate
risk & opportunity analysis and integration into transition planning.
3) Operational Decarbonization & Net‑Zero
Roadmap (developed jointly with E&Y, Ernst & Young). This document,
details how the Bank is embedding its Net Zero 2035 (Scope 1 and 2) commitment
into operational, strategy & processes.
Apart from the aforesaid, the Bank also
launched an industry-leading certification for capacity building titled “ESG
Certification Program for Indian Banks” developed jointly by the Bank with
CPI (Climate Policy Initiative).
The Bank conducted “the Union Bank Climate Dialogue” on transition of hard to abate sectors which involved industry representatives, think-tanks, regulators, financial institutions, investors, rating agencies and other stakeholders. The dialogue deliberated on the low carbon technologies, available data related challenges, policy expectations, regulatory development, demand side pressure and financial instruments available for transition.
As part of this prestigious event, the Bank
announced recent recognitions from the rating agencies aligned to its
sustainability strategy. They are - CareEdge
ESG Rating: “CareEdge ESG 1+” — reflecting Union Bank’s leadership position
in the ESG space & Moody’s Second Party Opinion (SPO): 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 strong ESG
governance, credible frameworks, partnerships across industry and the knowledge
ecosystem, the bank will continue to finance India’s low‑carbon transition and
create lasting value for the customers, shareholders, and the stakeholders at
large.