First Bank joins carbon accounting partnership

First Bank of Nigeria has announced its membership of the Partnership for Carbon Accounting Financials (PCAF).

The PCAF is a global effort among financial institutions to establish standardised measurement and reporting of greenhouse gas (GHG) emissions from their lending and investment activities.

According to Patrick Akhidenor, First Bank’s chief risk officer, the partnership aligns with the bank’s commitment to sustainable finance and environmental accountability.

He noted, “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.”

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The PCAF alliance includes over 530 institutions from six continents. It supports banks in tracking and disclosing the GHG emissions tied to their portfolios, using an internationally recognised framework.

Dylan Hauser, PCAF’s regional lead for Africa, welcomed FirstBank’s membership, noting, “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.”

FirstBank’s decision to adopt PCAF’s GHG accounting standards marks a continuation of its environmental, social, and governance (ESG) initiatives. Through PCAF, FirstBank will gain tools to better understand climate risks, helping it assess the environmental impact of its loans and investments. This will allow the bank to make more informed decisions and contribute to global efforts to address climate change.