FirstBank has joined the Partnership for Carbon Accounting Financials (PCAF) to promote sustainable finance, combat climate change and advance sustainable socioeconomic development for the just transition.
PCAF is a collaboration launched globally in September 2019 between financial institutions worldwide to enable harmonised assessments and disclosures of greenhouse gas (GHG) emissions from loans and investments.
With more than 530 financial institutions from six continents, the group is rapidly expanding in North America, Latin America, Europe, Africa and Asia-Pacific.
The bank said joining PCAF aligns with its broader climate agenda, reinforcing its efforts to contribute meaningfully to global climate goals.
By adopting PCAF’s globally recognised standards, FirstBank said it 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, it said, complements its ongoing work on environmental, social, and governance (ESG) 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. 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 the opportunities for growth.
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.”
According to the chief risk officer of FirstBank Patrick Akhidenor: “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.”
