Business
FIRST Bank of Nigeria Ltd. has joined the Partnership for Carbon Accounting Financials (PCAF) to promote sustainable finance, combat climate change and advance sustainable socioeconomic development for the just transition.
Ms Folake Ani-Mumuney, Group Head, Marketing and Corporate Communications of the bank, diaclosed this in a statement on Tuesday in Lagos.
She said that the partnership demonstrated the bank’s commitment to sustainable finance and taking active steps towards reducing its carbon footprint.
PCAF is a collaboration between financial institutions worldwide to enable harmonised assessments and disclosures of greenhouse gas (GHG) emissions from loans and investments.
With more than 530 financial institutions from six continents, the group is expanding in North America, Latin America, Europe, Africa and Asia-Pacific.
Ani-Mumuney said that joining PCAF aligned with FirstBank’s broader climate agenda, reinforcing its efforts to contribute meaningfully to global climate goals.
She added that the bank aimed to enhance transparency in carbon accounting and reporting, integrate climate risk into its lending and investment decision-making, and support Nigeria’s transition to a low-carbon economy.
She said that the initiative complements the bank’s ongoing work on environmental, social and governance (ESG) issues, underscoring its dedication to responsible banking practices.
She added that PCAF would provide FirstBank with a standardised methodology and framework to measure and report the bank’s GHG emissions and climate-related risks.
She said joining PCAF would also enhance First Bank’s capability in understanding and managing its exposure to climate risks and liabilities.
She added that this would enable the bank to make informed decisions and take proactive measures to mitigate the risks while leveraging on the opportunities for growth.
Dylan Hauser, Regional Lead For PCAF Africa, congratulated the bak for becoming a signatory of PCAF.
“We are absolutely delighted to have FirstBank on board sharing our commitment to driving positive change and reducing carbon footprints in the region through transparent and accountable practices,” Hauser said.
According to Patrick Akhidenor, Chief Risk Officer, FirstBank, joining PCAF is a significant milestone in the bank’s sustainability journey.
“It is not only a demonstration of our commitment to combatting climate change but also a step towards ensuring that we, as a financial institution, are accountable for the carbon emissions our activities finance.
“We are excited to collaborate with other global institutions in driving meaningful climate action,” Akhidenor said. (NAN)
A.I
Oct. 30, 2024
Tags: First Bank of Nigeria Ltd.
