FirstBank joins PCAF to drive climate action

FirstBank has joined the Partnership for Carbon Accounting Financials to promote sustainable finance, combat climate change and advance sustainable socio-economic development for the just transition.

This was revealed in a statement issued on Tuesday, which indicated that PCAF membership fitted the lender’s broader climate agenda.

PCAF is a collaboration between financial institutions worldwide to enable harmonised assessments and disclosures of greenhouse gas emissions from loans and investments.

It was launched globally in September 2019.

With more than 530 financial institutions from six continents, the group is rapidly expanding in North America, Latin America, Europe, Africa and Asia-Pacific.

Speaking on the membership, the Chief Risk Officer, FirstBank, Patrick Akhidenor, said, “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.”

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

By joining forces with PCAF, FirstBank is poised to champion transparency and accountability in the impact of the financial sector’s activities on climate change.

By adopting PCAF’s globally recognised standards, FirstBank said that it aimed 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.

According to the lender, the initiative complements its ongoing work on environmental, social, and governance 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.