Business
FirstBank Joins Partnership for Carbon Accounting Financials
FirstBank Joins Partnership for Carbon Accounting Financials
FirstBank has officially joined the Partnership for Carbon Accounting Financials (PCAF), marking a significant step toward sustainable finance. This collaboration exemplifies FirstBank’s unwavering commitment to combating climate change and promoting sustainable socioeconomic development, particularly in Nigeria.
PCAF is a global collaboration that brings together financial institutions to facilitate harmonized assessments and disclosures of greenhouse gas (GHG) emissions resulting from loans and investments. With over 530 institutions spanning six continents, PCAF is a powerful movement that is gaining momentum in North America, Latin America, Europe, Africa, and Asia-Pacific.
By aligning with PCAF, FirstBank is reinforcing its broader climate agenda. The adoption of PCAF’s globally recognized standards will enhance transparency in carbon accounting and reporting. This move is pivotal as it allows FirstBank to integrate climate risk into its lending and investment decisions, playing a crucial role in Nigeria’s transition to a low-carbon economy. This initiative aligns seamlessly with FirstBank’s ongoing efforts in environmental, social, and governance (ESG) issues, reflecting its dedication to responsible banking practices.
PCAF will equip FirstBank with a standardized methodology and framework to accurately measure and report its GHG emissions and climate-related risks. This collaboration will significantly enhance the Bank’s ability to understand and manage its exposure to both physical and transition risks associated with climate change. Consequently, FirstBank will be better positioned to make informed decisions and implement proactive measures to mitigate risks while seizing growth opportunities.
Dylan Hauser, the regional lead for PCAF Africa, expressed enthusiasm about FirstBank’s involvement, stating, “We congratulate FirstBank on 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.”
Patrick Akhidenor, Chief Risk Officer at FirstBank, highlighted the significance of this milestone, noting, “Joining PCAF is a significant milestone in our 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.”
Through this partnership, FirstBank is set to lead the charge in fostering transparency and accountability regarding the financial sector’s impact on climate change. By taking proactive steps in carbon accounting, FirstBank is paving the way for a sustainable future, not just for Nigeria, but for the world.
