First Bank of Nigeria has officially joined the Partnership for Carbon Accounting Financials (PCAF), a global initiative aimed at standardizing the measurement and reporting of greenhouse gas (GHG) emissions related to financial activities.
Patrick Akhidenor, the bank’s chief risk officer, emphasized that this partnership reflects First Bank’s commitment to sustainable finance and accountability in environmental matters. He stated, “Joining PCAF is a significant milestone in our sustainability journey,” highlighting the bank’s goal to combat climate change and ensure accountability for the emissions associated with its financing activities.
The PCAF alliance comprises over 530 institutions worldwide and assists banks in tracking and disclosing their GHG emissions using an internationally recognized framework. Dylan Hauser, PCAF’s regional lead for Africa, welcomed First Bank’s membership, expressing enthusiasm for the bank’s commitment to driving positive environmental change.
By adopting PCAF’s GHG accounting standards, First Bank continues its focus on environmental, social, and governance (ESG) initiatives, enhancing its ability to assess climate risks and the environmental impact of its financial activities. This strategic move positions the bank to make more informed decisions and contribute effectively to global climate action efforts.