First Bank of Nigeria Ltd. in partnership with Proparco, a development finance institution, has begun mainstreaming climate initiatives into business operations and strategy.
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This is aimed at achieving a holistic integration of climate action on Greenhouse Gas (GHG) emissions reduction to strategically position First Bank as an African Climate Bank.
Ms Folake Ani-Mumuney, Group Head, Marketing and Corporate Communications, First Bank, said this in a statement on Saturday in Lagos.
Ani-Mumuney said that FirstBank’s climate journey across all areas of implementation was reviewed during a two-day partnership strategy workshop sessions.
She said that the partnership was with IPC and Valoris, consultants from Austria, engaged by Proparco in the climate mainstreaming project.
The spokesperson said that the review was to determine progress and empower various departments of First Bank to deepen their understanding of climate risks in their processes.
She listed six workstreams for the implementation including the identification of financed and avoided emissions to support reporting as well as supporting the measurement and analysis of operating emissions.
Others were the integration of physical climate risk assessment; opportunity analysis; climate strategy and policy development; and capacity building amongst staff to support strategy implementation.
Also, Dr Martin Steindl, Managing Director, Valoris, Austria, said that First Bank was the most organised financial institution on climate mainstreaming.
“Amongst 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,” he said.
Also, Acting Chief Risk Officer, FirstBank, Patrick Akhidenor, reinforced the bank’s commitment to mainstreaming climate initiatives.
Akhidenor said, ‘’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,” he said.
Nigeria has committed to reducing its GHG emissions to 20 per cent by 2030 and net zero emissions by 2060.
While this is ambitious, it sets the tone for businesses in Nigeria to at least support their GHG emissions reduction strategy with national plans and targets.
FirstBank, 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 (ABLC) is committed to achieving the goals.
