By 
In a significant stride towards sustainable finance and climate accountability, FirstBank has joined the Partnership for Carbon Accounting Financials (PCAF), strengthening its commitment to reducing carbon emissions and promoting a low-carbon economy. This membership aligns with FirstBank’s broader environmental goals to support Nigeria’s transition to a sustainable economy while reinforcing responsible banking practices.
RELATED: Open Society Foundations to commit $400m to support economic and climate prosperity
PCAF, a global collaboration of over 530 financial institutions across North America, Latin America, Europe, Africa, and Asia-Pacific, aims to standardize the assessment and disclosure of greenhouse gas (GHG) emissions from loans and investments. By adopting PCAF’s internationally recognized methodology, FirstBank intends to enhance transparency in its carbon accounting practices and integrate climate risk management into its lending and investment strategies.
The bank’s new alignment with PCAF will also allow it to quantify and report its climate-related risks, bolstering its capacity to make informed decisions and mitigate physical and transitional risks associated with climate change. This move complements FirstBank’s ongoing efforts in environmental, social, and governance (ESG) initiatives, underscoring its dedication to responsible finance.
“We congratulate FirstBank on becoming a signatory of PCAF. Their commitment to transparent, accountable practices will positively impact the region’s sustainability efforts,” stated Dylan Hauser, Regional Lead for PCAF Africa.
Patrick Akhidenor, Chief Risk Officer at FirstBank, added, “Joining PCAF is a significant milestone in our sustainability journey. It’s a powerful step towards holding ourselves accountable for the carbon footprint of our financed activities, and we’re eager to collaborate globally to drive impactful climate action.”
As a member of PCAF, FirstBank is set to champion transparency and accountability in the financial sector’s impact on climate change, demonstrating its dedication to sustainable finance and positive environmental impact.
