First Bank of Nigeria Limited, in collaboration with Proparco, a Development Finance Institution, is integrating climate initiatives into its business operations and strategy. This aims to provide a comprehensive integration of climate action on Greenhouse Gas (GHG) emissions reduction through an articulated strategic plan, establishing the Bank as an African Climate Bank.
The 130-year-old banking organisation is now implementing a system to assess operational emissions across all of its branches and offices. This includes calculating data on power, diesel, water, waste management, gasoline usage, business travel, and so on to identify the Bank’s emission baseline and innovative prospects for operational emissions reduction.
FirstBank is establishing the necessary capabilities and competencies by investing in its staff and infrastructure to integrate climate action into the bank. In a two-day partnership strategy workshop sessions with IPC and Valoris, Austrian consultants engaged by Proparco in the climate mainstreaming project, FirstBank’s climate journey across all areas of implementation was reviewed to determine progress and empower strategic departments across the Bank’s operations, including: Credit Risk teams; Human Capital Management & Development (HCMD); FirstAcademy, the Bank’s learning institute; Corporate Banking; Personal Banking and many more.
The six workstreams for implementation include: identifying financed and avoided emissions to support reporting; supporting the measurement and analysis of operating emissions; integrating physical climate risk assessment; opportunity analysis; climate strategy and policy development; and staff capacity building to support strategy implementation.
Dr. Martin Steindl, Managing Director of Valoris, Austria, stated, “Among our various engagements with financial institutions on climate mainstreaming, FirstBank is the only organisation that has been able to provide data on both the assets in their portfolio and the head offices of their clients. I am happy with the progress we have made together.”
Patrick Akhidenor, Ag. Chief Risk Officer at First bank, emphasised the bank’s commitment to mainstreaming climate efforts, saying, “First bank is intentional about redefining its climate footprint.” We are looking for opportunities in climate financing to improve our portfolio and minimise carbon emissions related with our processes and activities. The Bank is implementing a financed emissions calculation process while also developing climate finance opportunities for our customers, such as renewable energy and energy efficiency solutions.”
First bank
Nigeria has pledged to reduce GHG emissions by 20% by 2030 and reach net zero by 2060. While this is ambitious, it sets the tone for Nigerian enterprises to at least support their GHG emissions reduction approach through national plans and goals. First bank is dedicated to reaching this goal, as evidenced by its signing of the Africa Business Leaders’ Climate Statement, which was announced in 2022 at COP 27 in Sharm El Sheikh, Egypt by the Africa Business Leaders Coalition (ABLC).
Source: vanguardngr.com
