First Financial institution on Tuesday introduced it joined the Partnership for Carbon Accounting Financials (PCAF) to advertise sustainable finance, fight local weather change and advance sustainable socioeconomic growth for the simply transition.
Mrs. Folake Ani-Mumuney, Group Head, Advertising and Company Communications of the financial institution, disclosed this in an announcement on Tuesday in Lagos.
She stated that the partnership demonstrated the financial institution’s dedication to sustainable finance and taking lively steps in the direction of lowering its carbon footprint.
PCAF is a collaboration between monetary establishments worldwide to allow harmonized assessments and disclosures of greenhouse fuel (GHG) emissions from loans and investments.
With greater than 530 monetary establishments from six continents, the group is increasing in North America, Latin America, Europe, Africa and Asia-Pacific.
Ani-Mumuney stated that becoming a member of PCAF aligned with the First Financial institution’s broader local weather agenda, reinforcing its efforts to contribute meaningfully to international local weather targets.
She added that the financial institution aimed to reinforce transparency in carbon accounting and reporting, combine local weather danger into its lending and funding decision-making, and help Nigeria’s transition to a low-carbon financial system.
She stated that the initiative enhances the financial institution’s ongoing work on environmental, social and governance (ESG) points, underscoring its dedication to accountable banking practices.
She added that PCAF would offer First Financial institution with a standardised methodology and framework to measure and report the financial institution’s GHG emissions and climate-related dangers.
She stated becoming a member of PCAF would additionally improve First Financial institution’s functionality in understanding and managing its publicity to local weather dangers and liabilities.
She added that this may allow the financial institution to make knowledgeable choices and take proactive measures to mitigate the dangers whereas leveraging on the alternatives for development.
Dylan Hauser, Regional Lead for PCAF Africa, congratulated the financial institution for changing into a signatory of PCAF.
“We’re completely delighted to have First Financial institution on board, sharing our dedication to driving constructive change and lowering carbon footprints within the area by clear and accountable practices,” Hauser stated.
In response to Patrick Akhidenor, Chief Threat Officer, First Financial institution, becoming a member of PCAF is a major milestone within the financial institution’s sustainability journey.
“It isn’t solely an indication of our dedication to combating local weather change but in addition a step in the direction of making certain that we, as a monetary establishment, are accountable for the carbon emissions our actions finance.
“We’re excited to collaborate with different international establishments in driving significant local weather motion,” Akhidenor stated.
