PCAF is a collaboration between financial institutions worldwide to enable harmonised assessments and disclosures of greenhouse gas (GHG) emissions from loans and investments.

With more than 530 financial institutions from six continents, the group is rapidly expanding in North America, Latin America, Europe, Africa and Asia-Pacific.

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”.

By joining forces with PCAF, FirstBank is poised to champion transparency and accountability in impact of the financial sector’s activities on climate change.

The report focuses on five interdependent areas: food systems, circularity, climate, nature and social sustainability.

Launched on the United Nations’ World Environment Day on the 5th of June, the company’s Sustainability Report FY23 shows a 20% reduction in value chain GHG emissions and a 47% reduction in GHG emissions across its own operations since 2019. 

The latter puts Tetra Pak on track to meet its target of net zero GHG emissions in its own operations by 2030 and supports the company’s long-term ambition to work together with suppliers, customers and other stakeholders and achieve net-zero GHG emissions across the value chain by 2050.

Another major milestone saw the launch of an aseptic beverage carton featuring a paper-based barrier, reducing its carbon footprint by a third (33%) and bringing the company a step closer to developing the world’s most sustainable food package. 

This world-first was a result of a €100 million investment in packaging research and development in 2023, with the same investment planned annually for the next five to ten years.

Adolfo Orive, President & CEO at Tetra Pak, comments: “Collaboration across the food industry is ever more important to feed a growing population sustainably. Our global presence and end-to-end solutions give us opportunities every day to collaborate with stakeholders across the value chain, from farmers and food producers, to suppliers, policy makers, consumers and others. We understand the responsibility that comes with this role. We remain committed to playing our part to transform the world’s food systems, to ensure they are more secure, resilient and sustainable.”

Tetra Pak’s Sustainability Report FY23 highlights further company achievements in the past year, and its ongoing initiatives to protect food, people and the planet. These include:

• Expanding School Feeding Programmes: The company helped 64 million children in 49 countries to get access to milk and other nutritious beverages through School Feeding Programmes.
• Accelerating Recycling: Amount of carton packages collected and sent for recycling across the world rose by 7% compared to 2022. Additionally, there was a 14% increase in the volume of polyAl sent for recycling.
• Getting recognition, again, for Leadership in Corporate Transparency and Performance: For the eighth consecutive year, Tetra Pak was included in the CDP Forests ‘A List’. Additionally, the company received an ‘A-‘ rating in Water Security, despite it being the first year of reporting in this area.
• Actively implementing the UN Guiding Principles on Business and Human Rights.

The full FY23 report can be found here.