FCMB reiterates its commitment to environmental sustainability

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The First City Monument Bank (FCMB) has assured it will continue to advocate, execute and support initiatives that improve the ecosystem, as well as address some of the adverse effects of climate change and other challenges facing l environment is facing. According to the Bank, this is in recognition that a cleaner and more sustainable environment is essential to build a better world for present and future generations.

FCMB gave the assurance in a statement to commemorate this year’s World Environment Day (WED), held on June 5, 2021, under the theme “Restoring Ecosystems”. The annual WED is one of the primary vehicles through which the United Nations stimulates global awareness of environmental and climate issues. It also serves as an opportunity to remind humanity of the need to protect the environment, as well as to encourage responsible conduct of communities, businesses and individuals by preserving and improving it.

Over the years, FCMB, as part of its corporate social responsibility (CSR) philosophy, has maintained an active participation in WED. The institution does this by organizing and hosting various educational programs, in partnership with the Nigeria Conservation Foundation and other stakeholders. For this year’s edition, the Bank mobilized staff, hundreds of students and young Nigerians across the country to plant trees in the country’s six geopolitical zones, as part of its “Go Green” initiative. . The tree planting exercise, which is also part of the Bank’s employee volunteer program, would go a long way in restoring balance to the ecosystem and improving the environment.

The Bank’s sustainability agenda is based on the Nine Pillars of the Nigerian Principles for a Sustainable Banking (NSBP) developed and adopted by the Committee of Bankers in 2012. The NSBP encourages banks to promote economic growth, business opportunities and improve innovation and competitiveness, while protecting communities and the environment in day-to-day operations.

Speaking on FCMB’s commitment to environmental sustainability and WED, Group Head, Corporate Affairs, Diran Olojo, said these interventions are part of the Bank’s progressive journey and its contribution to a better world. According to him:

“We are aware that climate change is one of the defining issues of our generation, threatening the existence and development of humanity and businesses. In Nigeria, the devastating effects of climate change are felt through land degradation, deforestation, drought, floods, high temperatures, migration, low agricultural production, unemployment, among other negative effects. These limit opportunities for human and commercial growth, which is why we are committed to playing an active role in addressing these challenges as one of the main contributors to Nigeria’s development ”.

He assured that:

“As a responsible and futuristic company, our business decisions and operations will continue to take into consideration factors that could negatively impact the environment, society and hamper long-term growth prospects. We are also focused on creating opportunities that advance the personal and business aspirations of our clients, other stakeholders and Nigeria in general in a sustainable manner. Our work in the renewable energy sector and our advocacy on climate and environmental issues amplify this commitment ”.

Over the years, the FCMB has led and offered significant support to initiatives that would ensure the protection and sustainability of the environment. The Bank executes them through strong policies and procedures integrated into its Social and Environmental Management System (SEMS).

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It should be noted that FCMB has taken the lead in the renewable energy sector, through capacity building sessions, access to finance and provision of opportunities for developers and end users to connect in a way. meaningful and productive. The Bank has entered into credit enhancement agreements worth 20.9 billion naira to support renewable and energy efficient projects. It is about improving energy supply, improving profitability and access to clean energy.

In addition, the lender has steadily expanded its portfolio of loans to mini-grid developers, commercial and industrial energy efficiency providers, and solar home system distributors. For example, it is on track to fund projects that would provide more than 10,000 new solar-powered electrical connections to households and businesses in various communities by the end of 2021. The Bank has also developed a product for mini-grid developers, under the World Program of the Bank / Rural Electrification Agency (REA) of Nigeria. Thanks to this, companies in the renewable energy sector can access loans of up to 70% of the cost of the project without collateral. FCMB is also in the process of rolling out household loans for the purchase of solar home systems. This follows a successful introduction of this product to its employees to enable them to purchase solar power systems at a reduced price for use in their homes.

Among other environmental sustainability programs, FCMB engages in corporate recycling projects whereby waste generated at its head office in Lagos and some of its branches in Oyo and Abia states is collected and recycled. for other useful purposes. In addition, more than 100 branches of the financial institution across the country are solar powered. This has dramatically reduced carbon emissions and helped create a cleaner environment, while providing uninterrupted and real-time services to its valued customers. In recognition of this achievement and several other advances, FCMB was awarded a “Sustainability Award” in March 2021 by Starsight, a leading electric utility organization.

FCMB recently went one step further by unveiling a plan to fully scale up its solar power system across all of its branches in Nigeria by 2025, as well as reduce the cost of consumables by 75% through continued improvement of the automation of all its operating procedures. The Bank also engages its stakeholders on the opportunities offered by solar energy, to enable them to appreciate the importance of a carbon-free environment.

Since 2016, the Bank has also consistently supported the Lagos State Government’s Cleaner Lagos Project to achieve a cleaner and greener environment. The financial institution is also leading an outreach initiative, labeled “Sustainable Saturday,” where posts are shared on its social networks, encouraging individuals and organizations to take positive steps to maintain a safe and cleaner environment.

Analysts expressed confidence that FCMB’s conscious interventions in promoting environmental protection and sustainability would go a long way in improving its competitiveness and performance in the new world economic order.

For more information about FCMB and its unique proposals, please visit www.fcmb.com.

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