First Bank Partners With Global Carbon Accounting Initiative

First Bank of Nigeria has officially joined the Partnership for Carbon Accounting Financials (PCAF) as part of its strategy to promote sustainable finance, combat climate change, and support socio-economic development during the global shift to a just and sustainable future.

This move highlights the bank’s commitment to reducing its carbon footprint through accountable and transparent practices.

The bank’s recent statement highlighted that joining PCAF aligns with its commitment to sustainable financial practices, showcasing its role in addressing climate change through measured action.

PCAF is an international collaboration that includes over 530 financial institutions across six continents, facilitating harmonised greenhouse gas (GHG) emission assessments and disclosures from financial activities such as loans and investments. The initiative is expanding rapidly across North America, Latin America, Europe, Africa, and the Asia-Pacific region.

Mr. Dylan Hauser, PCAF’s regional lead for Africa, expressed enthusiasm for First Bank’s participation, stating, “We congratulate FirstBank on becoming a signatory of PCAF. We are absolutely delighted to have First Bank on board, sharing our commitment to driving positive change and reducing carbon footprints in the region through transparent and accountable practices.”

Mr. Patrick Akhidenor, Chief Risk Officer at First Bank, emphasised the significance of this milestone: “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.”

First Bank’s participation in PCAF marks a new chapter in the institution’s sustainability strategy. In integrating PCAF’s global standards, the bank aims to enhance transparency in carbon accounting, embed climate risk into its financial decisions, and support Nigeria’s transition toward a low-carbon economy. This step solidifies First Bank’s broader climate agenda, contributing to the pursuit of global climate objectives through responsible financial practices.