FirstBank joins global move for carbon footprint reduction

As part of its commitment to sustainable finance and taking active steps towards reducing its carbon footprint, First Bank of Nigeria Limited has joined the Partnership for Carbon Accounting Financials (PCAF).

The fold consolidates its effort to promote sustainable finance, combat climate change and advance sustainable socioeconomic development for just transition.

PCAF is a collaboration of 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 rapidly expanding in North America, Latin America, Europe, Africa and Asia-Pacific.

Joining PCAF aligns with FirstBank’s broader climate agenda, reinforcing its efforts to contribute meaningfully to global climate goals, the bank said.

By adopting PCAF’s globally recognised standards, FirstBank aims 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, its statement said.

According to the bank, the initiative complements FirstBank’s ongoing work on environmental, social, and governance (ESG) issues, underscoring its dedication to responsible banking practices.

PCAF will provide FirstBank with a standardised methodology and framework to measure and report the Bank’s GHG emissions and climate-related risks.

Regional lead For PCAF Africa, Dylan Hauser, said: “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.”

Chief Risk Officer of FirstBank, Patrick Akhidenor, said: “Joining PCAF is a significant milestone in our sustainability journey. It is not only a demonstration of our commitment to combating 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.”