LIC Housing Finance Limited, one of India’s premier housing finance companies, reaffirmed its commitment to environment, social, and governance practices through the release of its Business Responsibility and Sustainability Report for FY 2023-24. The company has been continuously increasing the sustainability factor of its operations in such a manner as to ensure long-term stability on financial grounds while turning in a positive societal quotient.
Overview of Operations and ESG Commitments
Incorporated in 1989 and based in Mumbai, LIC Housing Finance Limited has grown as a key player in the housing finance segment. It has spread its operations across 27 states in India and internationally in Dubai and operates out of 388 offices to offer a variety of housing and housing loans to individual and corporate customers. Housing loans to individual borrowers comprised 85.13 percent of its loans in the current financial year.
The total workforce is 2,396 employees; of these, 32.68% are women—this showcases the company’s commitment to the diversity and inclusion agenda. Further, LIC Housing Finance encourages differently-abled employees to be more proactive, thereby adhering to its commitment to building an inclusive workplace culture.
Energy Consumption and Climate Risk Management
A large chunk of LIC Housing Finance’s sustainability initiatives goes into energy efficiency and climate risk management. It has engaged itself in appreciable attempts to optimize its energy consumption by replacing CFL lighting with energy-efficient LED lights across all its offices. This forms part of its larger initiative to reduce the ecological imprint of its operations in line with global sustainability standards.
LIC Housing Finance has integrated climate risk management within its business strategy in recognition of the fast-growing importance of climate risk. The company aspires to appreciate that climate risk is not only going to create a challenge but be an opportunity for attracting investors who value sustainability and reinforce brand reputation. With proactive action toward mitigating climate-related risks, LIC Housing Finance is underway to carve a niche as a progressive entity in the financial sector.
Social Responsibility and Community Engagement
Apart from the environmental initiatives, LIC Housing Finance has strong concerns about social responsibility and community development. The company has provided ₹64.85 crore for CSR activities in the financial year 2024-25. These funds go to projects for sustainable livelihoods of underprivileged communities in most parts of India, making sure that growth is inclusive and reaches all segments of society.
The CSR activities of the company are thus interlinked with its overall sustainability goals, which encapsulate the very concept of inclusive growth. While examining the sustainable livelihood opportunities, LIC Housing Finance is contributing to the welfare of such communities and the country’s all-round socio-economic development.
Conclusion
LIC Housing Finance Limited has commented in its 2023-24 BRSR that the commitment towards sustainability and responsible business is more sacrosanct now than it ever was. With focused programs in the areas of energy efficiency, climate risk management, and social responsibility, it is indeed setting new standards for sustainability within the housing finance sector. As the company evolves, ESG practices shall turn out to be a major factor in shaping its future and keeping it at the pinnacle of financial performance and sustainable development.
Source: BRSR
Credit: LIC Housing Finance Limited