FirstBank has joined the Partnership for Carbon Accounting Financials (PCAF), a global alliance aimed at harmonizing greenhouse gas (GHG) emissions assessments for financial institutions worldwide. This move underscores FirstBank’s commitment to sustainable economic development, transparent carbon accounting, and Nigeria’s shift to a low-carbon economy.
PCAF unites more than 530 financial institutions from across six continents, providing a standardized methodology to measure and disclose GHG emissions from loans and investments. As a new member, FirstBank will adopt these standards, advancing its goal to improve transparency and accountability in its carbon emissions reporting.
By embracing PCAF’s framework, FirstBank aims to integrate climate risk into its lending and investment strategies, enabling the bank to make informed, proactive decisions that address both the challenges and opportunities of climate-related risks. The initiative also aligns with FirstBank’s broader environmental, social, and governance (ESG) strategy, reinforcing its role as a responsible financial leader in Nigeria.
“We congratulate FirstBank on becoming a signatory of PCAF,” said Dylan Hauser, PCAF’s Regional Lead for Africa. “We’re thrilled to welcome FirstBank in supporting climate transparency and accountability in the region.”
Patrick Akhidenor, FirstBank’s Chief Risk Officer, highlighted the importance of this partnership, saying, “Joining PCAF is a landmark in our sustainability journey. It’s a testament to our commitment to climate action and to being accountable for the emissions financed through our activities. We’re eager to collaborate with other global institutions in driving impactful climate solutions.”
Through its collaboration with PCAF, FirstBank solidifies its dedication to responsible finance, championing sustainable practices and enhancing the financial sector’s role in addressing climate change.
