FirstBank partners with Carbon Accounting initiative, strengthens climate action commitment

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Firstbank

Samuel Mobolaji

FirstBank has joined the Partnership for Carbon Accounting Financials (PCAF), reinforcing its commitment to sustainable finance and actively reducing its carbon footprint.

Through this alliance, FirstBank aims to promote sustainable finance, combat climate change, and support a sustainable socioeconomic transition.

PCAF is a global coalition of financial institutions dedicated to standardising greenhouse gas (GHG) emissions assessments and disclosures for loans and investments.

The group includes over 530 institutions across North America, Latin America, Europe, Africa, and the Asia-Pacific, working collectively to set industry-wide standards for carbon accounting and climate reporting.

This partnership aligns with FirstBank’s broader climate goals, enhancing its ability to integrate climate risk considerations into lending and investment decisions. By adopting PCAF’s globally recognised standards, FirstBank aims to improve transparency in carbon accounting and reporting, contributing to Nigeria’s shift toward a low-carbon economy.

The initiative complements the bank’s ongoing efforts in environmental, social, and governance (ESG) areas, highlighting its commitment to responsible banking.

With PCAF’s framework, FirstBank will now have access to a standardised methodology to measure and report its GHG emissions and climate-related risks. This partnership enables the bank to make more informed decisions, manage its climate-related exposure, and address both physical and transition risks while identifying growth opportunities.

Dylan Hauser, PCAF Africa’s Regional Lead, praised FirstBank’s involvement, stating, “We congratulate FirstBank on becoming a PCAF signatory. We are delighted to welcome them as part of our commitment to driving positive change and reducing carbon footprints in the region through transparent and accountable practices.”

FirstBank’s Chief Risk Officer, Patrick Akhidenor, noted the partnership’s significance: “Joining PCAF marks an important milestone in our sustainability journey. It underscores our commitment to combating climate change and holds us accountable for the carbon emissions financed by our activities. We are excited to collaborate globally to drive impactful climate action.”

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