To combat climate change, improve sustainable socio-economic development for the transition, and promote sustainable finance, FirstBank has joined the Partnership for Carbon Accounting Financials (PCAF).
It is actively working to lessen its carbon footprint as part of its commitment to sustainable financing. To facilitate uniform assessments and disclosures of greenhouse gas (GHG) emissions from loans and investments, financial institutions from all around the world have joined together to form PCAF. The organization is quickly growing in North America, Latin America, Europe, Africa, and Asia-Pacific, with over 530 financial institutions spread across six continents.
The bank’s efforts to make a significant contribution to the global climate goals are strengthened by its membership in PCAF, which is in line with its larger climate strategy. FirstBank hopes to improve carbon accounting and reporting transparency, include climate risk in its lending and investment decisions, and aid Nigeria’s shift to a low-carbon economy by implementing PCAF’s internationally recognized standards. This program demonstrates FirstBank’s commitment to ethical banking practices and supports its continuous work on environmental, social, and governance (ESG) issues.
FirstBank will be able to measure and report its GHG emissions and climate-related risks using a standardized approach and framework thanks to PCAF. The Bank will be better equipped to comprehend and manage its exposure to climate risks and liabilities (including physical and transition risks) as a result of joining PCAF. As a result, the Bank will be able to take proactive steps to reduce these risks and capitalize on development possibilities while making well-informed decisions, BrandSpur banking and finance news reports.
Dylan Hauser, PCAF Africa’s Regional Lead, stated: “We congratulate FirstBank on becoming a signatory of PCAF. We are 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.”
“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 of our activities finance. We are excited to collaborate with other global institutions in driving meaningful climate action,” stated Patrick Akhidenor, FirstBank’s Chief Risk Officer.
It is pertinent to know FirstBank is well-positioned to promote accountability and transparency about the financial sector’s climate change impact by partnering with PCAF.
