UBA joins global push to advance carbon accounting in financial sector

Joy Agwunobi

United Bank for Africa (UBA) Plc, a leading African financial institution, has become the first and only financial institution from West Africa to join the Partnership for Carbon Accounting Financials (PCAF) core team. The prestigious partnership of 14 financial institutions from around the world is committed to measuring and disclosing the carbon emissions of their loan and investment portfolios.

Ace Robinson, CEO of PCAF, praised UBA and the other new core team members for their outstanding efforts and  commitment to the mission of PCAF, which is to standardise and promote carbon accounting among financial institutions worldwide.

“UBA stood out exceptionally after a rigorous application process, which attracted over 50 highly qualified candidates from across the PCAF signatory community. The bank is the only financial institution from west Africa to be listed on the prestigious global core team, that is commendable and shows that UBA is indeed in the forefront when it comes to pushing the Carbon Accounting agenda,” Robinson stated.

According to the signatory community, among the 50 highly qualified candidates, UBA stood out for its exceptional commitment and leadership in sustainability. As a core team member, the bank will play a crucial role in developing international accounting standards for the financial sector.

Speaking on UBA’s involvement in the PCAF,Chidozie Ezike, the bank’s Head of Sustainability, expressed excitement about the bank’s participation in the partnership, stressing UBA’s commitment to social responsibility, decarbonization, responsible business practices, and strong governance.

In his remarks,  Ezike added that sustainability is a top priority for UBA, emphasizing the bank’s commitment to generating economic, social, and environmental value across its entire value chain
As a member of the PCAF global core team, UBA will be expected to contribute to the development and refinement of the PCAF standards, helping to ensure greater consistency and comparability of carbon accounting in the financial sector across the world.

The newly announced members of the PCAF global core team include: Chidozie Ezike of UBA (Nigeria), Emily Rodgers of EIG (US), Frida Panayi of Metrics Credit Partners (Australia), Giel Linthorst of ING (Netherlands), Hetal Patel of Phoenix Group (UK), Jamie Mattison of Morgan Stanley (US), Maren Bodenschatz of Swiss Re (Switzerland), Melanie Janse van Vuuren of Investec (South Africa and UK).

Others are;  Rafael Martins de Oliveira of Itau Unibanco (Brazil), Ryan Greenwald of PIMCO (US), Sharad Tuladhar of NMB Bank (Nepal), Sharna Bourke of the Commonwealth Bank of Australia (Australia), Stefan Henningsson of Nordea (Finland) and Yu Takita of Mizuho Financial Group (Japan). The group is headed by Hetal Patel, head of climate investment risk at Phoenix Group.