NCF and CBN urge banks and corporates to implement sustainability principles – Property – The Guardian Nigeria News – Nigeria and World News

To ensure that Nigeria meets its commitment to climate change, the Nigerian Conservation Foundation (NCF) and the Central Bank of Nigeria (CBN) have called on banks and other businesses to adopt sustainability principles in their operations.

They observed that while financing remains a challenge for the implementation of sustainability principles, innovative solution strategies must be deployed to create a livable environment for present and future generations.

Although adherence to the Nigerian Sustainable Banking Principles (NSBP) by banks is voluntary, operators are expected to implement it as part of efforts to meet Nigeria’s net zero commitment.

Speaking at a two-day workshop on “Assessing the Environmental and Social Principles of Sustainable Nigerian Banking Principles: Challenges and Opportunities organized by the NCF and the World Wide Fund for Nature (WWF), the Managing Director of NCF , Dr Joseph Onoja, said there is a need to re-examine how the NSBPs have fared over the past 10 years, the gaps/challenges and opportunities, and how the foundation will be able to provide the necessary support in terms of expertise.

He noted that some banks have made progress in stopping some projects that would have been environmentally destructive, adding that the environment must be protected despite the fact that companies want to make a profit.

According to him, the Green Recovery Nigeria project is a means of establishing some of the objectives of the NSBPs.

Special Advisor to the CBN Governor, Dr. Aisha Mahmood, pointed out that more than a decade of implementing the principles has led banks to redefine their long-term mission and corporate objectives, re-evaluate the portfolio of the bank by evaluating all direct and indirect environmental aspects. and the social impacts of financial services provided by banks to customers.

According to her, the principles ensure the reorganization of lending and sustainable investments to comply with regulatory expectations, exploit significant growth opportunities, foster innovative opportunities in renewable energy and redefine risk.

She said Apex Bank is currently reviewing NSBPs in accordance with the various frameworks, principles, guidelines and issues that exist in the country and around the world.

On Nigeria’s race towards net zero emissions, Mahmood explained that the challenge will be financing as the country will need more than $400 billion, mainly to build electricity generation, transmission and distribution infrastructure. electricity to reduce dependence on fossil fuels. Gas, she says, will play a role in the transition.

Managing Director/General Manager of Access Bank, Mr. Roosevelt Ogbonna, represented by Head of Sustainability, Omobolanle Victor-Laniyan, said that the banking industry has over the years started to pay more attention to sustainability environmental and social in its operations and projects that it finances in line with global trends.

He said: “The principles help embrace a low-carbon economy, reducing waste, being more responsive to environmental and social challenges and providing innovative solutions to address challenges. All banks in Nigeria now have sustainability functions, dedicated to overseeing the implementation of sustainability in various institutions. The banks’ board of directors monitors the implementation of sustainability. We are in an era of change and sustainability is the right tool to reshape our business strategies and our global sustainability agenda. There is a need to strengthen collaboration, the implementation of sustainability initiatives and the rating of NSBPs at a mature stage by the Sustainable Banking and Finance Network (SBFN).

Ogbonna, also highlighted the need for continued stakeholder engagement, capacity building, resource allocation and proactive sustainability strategies to achieve NSBP goals.

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