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Stanbic IBTC commits to net zero emissions

By Michael Akinadewo
05 October 2022   |   4:20 am
Stanbic IBTC Holdings, a member of Standard Bank Group, is exploring avenues to achieve net zero emissions by 2050. The move, the organisation, noted, yesterday, was to create a more sustainable future for all.

Stanbic IBTC Holdings, a member of Standard Bank Group, is exploring avenues to achieve net zero emissions by 2050. The move, the organisation, noted, yesterday, was to create a more sustainable future for all.

Consequently, the organisation has launched several initiatives to meet the commitment.

The Chief Executive, Dr. Demola Sogunle, said: “Stanbic IBTC remains committed to addressing issues that relate to climate change and creating an environment that is friendly and habitable for all Nigerians.” 

He observed that in line with the Paris Agreement adopted by 196 countries to reduce global warming and build resilience to climate change, the financial institution had taken pragmatic steps at reducing paper usage and carbon emission.

“We cannot ignore our responsibility in addressing current climate change. Through small adjustments leading to a more conscientious and sustainable lifestyle, each of us can take part in the global climate protection project,” Demola said.

As described by the United Nations, an organisation would attain ‘net zero’ when it has fulfilled its pledge to cut greenhouse gas emissions to as close as zero as possible, while any residual emissions are re-absorbed from the atmosphere.

In 2020, Stanbic IBTC deployed hybrid solar systems in some of its branches and off-site ATMs across the country, which reduced its total carbon emission by 1.67 tonnes. In addition, the organisation reduced its paper usage from printing and photocopies by 30 per cent across branch locations on the Go-Green branch initiative. Reduction in paper usage indirectly contributes to reduced tree-felling for paper production.

In 2021, the financial institution held a sustainability webinar tagged: ‘Working Towards Net Zero Emissions’, as part of the Stanbic IBTC 2021 Sustainability Week event. The webinar aimed to promote public awareness of the impact of climate change and provide practical methods toward carbon footprint reduction and net zero emissions achievement.

“As reflected in one of our strategic value drivers SEE (Social, Environmental and Economic), Stanbic IBTC is focused on ensuring it does business responsibly whilst positively impacting the society and environment where we operate. Our value drivers serve as the anchor for Stanbic IBTC environmental footprint management, which includes the reduction of carbon emissions, and effective waste management,” Demola added.

Speaking in the same vein, Executive Director, Finance and Value Management, Kunle Adedeji, noted that the financial organisation strives to accelerate the development of a more sustainable future for all.

He said: “We have already commenced various work streams that will help us on the journey towards net zero emissions. Some of these include understanding our energy sources, consumption patterns and possible areas for efficiency; adoption of cleaner energy sources in our office locations, leveraging natural gas and solar energy solutions; and adoption of tree planting programmes which will help us with carbon sequestration.”