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.
