FirstBank, a Nigerian financial institution, has partnered with Proparco, a development finance institution, to incorporate climate initiatives into its everyday business operations and strategy.
On Friday, May 24, 2024, First Bank of Nigeria released a statement highlighting the partnership’s goal. Recalling the 20 percent GHG emission reduction in 2023 and net zero emissions by 2060, the partnership aims to reduce greenhouse gas emissions and position the bank as an African Climate Bank.
At the 2022 COP27 Africa Business Leaders climate summit hosted in Sharm El Sheikh, Egypt, First Bank, as one of the signatories to the Africa Business Leaders Coalition, expressed its readiness and willingness to ensure the success of the partnership’s goal.
First Bank also revealed a mechanism to calculate operational emissions accurately across all its branches and offices. According to First Bank, the calculation includes “calculating data on electricity use, diesel use, water consumption, waste management approach, fuel consumption, business travel, etc. to determine the bank’s emission baseline and innovative opportunities for operational emissions reduction,”
Regarding the development, the Managing Director of Valoris, an Austrian consulting firm, Dr. Martin Steindl, said, “Among our various engagements with financial institutions on climate mainstreaming, FirstBank is the only organization that has been able to provide data both on the assets’ location of their portfolio and the head offices of their clients. I am impressed with the progress we have collectively achieved.”
The acting Chief Risk Officer of FirstBank, Patrick Akhidenor, reiterated that the financial institution is intentional about redefining its climate footprint. He further mentioned the bank’s intention to use climate finance opportunities to improve and reduce carbon emissions.
He said, “As part of a two-day partnership strategy workshop session facilitated by IPC and Valoris, consultants from Austria engaged by Proparco reviewed FirstBank’s climate journey across all areas of implementation to determine progress and empower strategic departments across the Bank’s operations.”
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