FirstBank Joins Global Partnership for Carbon Accounting to Advance Climate Action

In a move to bolster sustainable finance and reduce its carbon footprint, FirstBank has joined the Partnership for Carbon Accounting Financials (PCAF), a global network of financial institutions committed to standardized carbon accounting practices. This step supports FirstBank’s mission to promote climate-friendly finance, combat climate change, and contribute to sustainable socio-economic growth.

The PCAF, with over 530 members across North America, Latin America, Europe, Africa, and Asia-Pacific, aims to provide consistent measurement and reporting of greenhouse gas (GHG) emissions from financial activities. FirstBank’s partnership aligns with its broader climate goals and dedication to responsible banking, underscoring its commitment to advancing Nigeria’s low-carbon economy through transparent, accountable practices.

“Joining PCAF is a milestone in our sustainability journey,” said Patrick Akhidenor, Chief Risk Officer at FirstBank. “It strengthens our accountability for financed carbon emissions and enables proactive measures to manage climate-related risks.”

Joining PCAF aligns with FirstBank’s broader climate agenda, reinforcing its efforts to contribute meaningfully to global climate goals. By adopting PCAF’s globally recognised standards, FirstBank aims to enhance transparency in carbon accounting and reporting, integrate climate risk into its lending and investment decision-making, and support Nigeria’s transition to a low-carbon economy.

This initiative complements FirstBank’s ongoing work on environmental, social, and governance (ESG) issues, underscoring its dedication to responsible banking practices.

PCAF will provide FirstBank with a standardised methodology and framework to measure and report the Bank’s GHG emissions and climate-related risks. By joining PCAF, the Bank’s capability in understanding and managing its exposure to climate risks and liabilities (physical and transition risks) will be enhanced. This will enable the Bank to make informed decisions and take proactive measures to mitigate these
risks while leveraging on the opportunities for growth.

Dylan Hauser, regional lead For PCAF Africa said “We congratulate FirstBank on becoming a signatory of PCAF. We are absolutely delighted to have FirstBank on board sharing our commitment to driving positive change and reducing carbon footprints in the region through transparent and accountable practices”.

According to Patrick Akhidenor, Chief Risk Officer, FirstBank, “Joining PCAF is a significant milestone in our sustainability journey. It is not only a demonstration of our commitment to combatting climate change but also a step towards ensuring that we, as a financial institution, are accountable for the carbon emissions our activities finance. We are excited to collaborate with other global institutions in driving
meaningful climate action”

Through PCAF’s standardized framework, FirstBank will integrate climate considerations into lending and investment decisions, enhancing its ability to manage and report GHG emissions. This collaboration highlights FirstBank’s dedication to sustainable banking practices and its role in fostering positive climate impact in the region.