As part of its commitment to sustainable finance and efforts to reduce its carbon footprint, FirstBank has joined the Partnership for Carbon Accounting Financials (PCAF) to promote sustainable finance, combat climate change and advance sustainable socio-economic development for the just transition.
As a viable collaboration among financial institutions worldwide, PCAF works to enable harmonized assessments and disclosures of greenhouse gas (GHG) emissions from loans and investments. With over 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. By adopting PCAF a 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. This 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 standardized methodology and framework to measure and report the Bank’s GHG emissions and climate-related risks. By joining PCAF, the Bank’s capability in understanding and managing its exposure to climate risks and liabilities (physical and transition risks) will be enhanced. This will enable the Bank to make informed decisions and take proactive measures to mitigate these risks while leveraging on the opportunities for growth.
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Dylan Hauser, regional lead For PCAF Africa 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.”
According to Patrick Akhidenor, Chief Risk Officer, FirstBank, “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”.
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.
The PCAF was launched globally in September 2019. Currently, over 530 financial institutions have subscribed to the PCAF initiative. Its partners work together to jointly develop the Global GHG Accounting and Reporting Standard for the Financial Industry to measure and disclose the greenhouse gas emissions of their loans and investments.
