FirstBank of Nigeria Limited has partnered with a development finance institution, Proparco, to introduce climate initiatives into its business operations and strategy.
A statement from the bank on Friday indicated that the
partnership was aimed at achieving greenhouse gas emission reduction as well as
positioning the bank as an African Climate Bank.
Recall that Nigeria has committed to reducing its GHG
emissions to 20 per cent by 2030 and net zero emissions by 2060.
As a signatory to the Africa Business Leaders’ Climate
Statement released in 2022 at COP 27 in Sharm El Sheikh, Egypt by the Africa
Business Leaders Coalition, FirstBank also expressed commitment to achieving
this goal.
FirstBank revealed that it was implementing a mechanism to
calculate its operational emissions across all its branches and offices.
“This includes calculating data on electricity use, diesel
use, water consumption, waste management approach, fuel consumption, business
travel, etc. to determine the bank’s emission baseline and innovative
opportunities for operational emissions reduction,” it noted.
Speaking on the development, the Managing Director of
Valoris, a consulting firm from Austria, Dr Martin Steindl, said, “Among our
various engagements with financial institutions on climate mainstreaming,
FirstBank is the only organisation that has been able to provide data both on
the assets’ location of their portfolio and head offices of their clients. I am
impressed with the progress we have collectively achieved.”
Reinforcing the bank’s commitment to mainstreaming climate
initiatives, the acting Chief Risk Officer of FirstBank, Patrick Akhidenor,
remarked, “FirstBank is intentional about redefining its climate footprint. We
are identifying opportunities in climate finance to improve our portfolio and
reduce the carbon emissions associated with our processes and operations.
“The bank is executing a financed emissions calculation
mechanism as well as creating climate finance opportunities, such as renewable
energy and energy efficiency products for our customers.”
As part of a two-day partnership strategy workshop session facilitated by IPC and Valoris, consultants from Austria engaged by Proparco reviewed FirstBank’s climate journey across all areas of implementation to determine progress and empower strategic departments across the Bank’s operations.