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Business News of Monday, 12 September 2022


Climate change: Stakeholders express commitment to sustainable development

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Executives in the financial services industry have expressed their commitment to sustainability.

A statement said the executives spoke at a joint session on sustainability by the Central Bank of Nigeria and European Organisation for Sustainable Development in Abuja recently.

According to the statement, the event was part of the pre-launch roundtable on the newly ratified Sustainability Standards and Certification Initiative 2.0 of the EOSD in West Africa.

The Chief Executive Officer, EOSD and Chairman of International Council of Sustainability Standards, Arshad Rab, was in the country to present the sustainability standards.

Speaking at the event, the Director of Banking Supervision, Central Bank of Nigeria, Mustafa Bala and Special Adviser to the CBN Governor on Sustainable Banking, Aisha Mahmood, said the CBN was fully committed to sustainability.

The CBN officials stated that the apex bank had joined major global initiatives to make banks more responsive to global and local challenges, including climate change, while encouraging banks to manage environmental and social risks.

Mahmood said the CBN was currently reviewing the Nigerian sustainable banking principles after 10 years of serving as a regulatory instrument for the banks.

A Deputy Managing Director, Access Bank Plc, Chizoma Okoli, said the bank had continued to demonstrate long-term commitment to sustainability.

The Head of Sustainability, Access Bank Plc, Omobolanle Victor-Laniyan, during her presentation at the event, shared the experience of Access Bank as a sustainability certified financial institution.

She said,” Although the bank had a decade of implementing sustainability strategy before signing up to SSCI, the sustainability standard had proved to be a game-changer for the bank, helping to mainstream sustainability holistically, and the certification has enhanced the reputation of the bank and its ability to attract impact funding.”