First Bank of Nigeria is entering into a partnership with the Partnership for Carbon Accounting Financials (PCAF), a coalition focused on greenhouse gas emissions reporting.
Chief Risk Officer, Patrick Akhidenor, called it a “significant milestone” for the bank’s sustainability efforts and commitment to combating climate change.
First Bank of Nigeria says the partnership 1is a significant step towards sustainability.
In fact, this global initiative aims to standardise the measurement and reporting of greenhouse gas (GHG) emissions linked to financial activities, reflecting a growing commitment among financial institutions to combat climate change.
Moreover, First Bank’s chief risk officer, Patrick Akhidenor, emphasised the importance of this partnership, stating that “Joining PCAF is a significant milestone in our sustainability journey.
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“It demonstrates our dedication to fighting climate change while ensuring that we, as a financial institution, take accountability for the carbon emissions our operations produce”.
Furthermore, the PCAF alliance comprises over 530 institutions from six continents, collaborating to enhance transparency in financial practices.
PCAF’s regional lead for Africa, Dylan Hauser, welcomed First Bank’s membership, saying: “We congratulate First Bank on becoming a signatory of PCAF.
“We are delighted to have them on board, sharing our commitment to driving positive change and reducing carbon footprints in the region”.
By doing so, First Bank will adopt PCAF’s greenhouse gas accounting standards, gaining valuable insights into climate risks and evaluating the environmental impact of its loans and investments.
As a result, this knowledge will empower the bank to make informed decisions that align with its sustainability goals, demonstrating that financial institutions can lead in addressing climate change while achieving their business objectives.
