Stanbic IBTC Explores Avenues To Achieve Net Zero Emissions

Stanbic IBTC Holdings, a member of Standard Bank Group, resolved to explore avenues to achieve net zero emissions by 2050, with the hope to create a more sustainable future for all. The organization had since embarked on several laudable initiatives to meet the commitment.

As described by the United Nations, an organization would attain ‘net zero’ when it had fulfilled its pledge to cut greenhouse gas emissions to as close as zero as possible, while any residual emissions are re-absorbed from the atmosphere.

In 2020, Stanbic IBTC deployed hybrid solar systems in some of its branches and off-site ATMs across the country, which reduced its total carbon emission by 1.67 tonnes. In addition, the organization reduced its paper usage from printing and photocopies by 30 percent across branch locations on the Go-Green branch initiative. Reduction in paper usage indirectly contributes to reduced tree-felling for paper production.

In 2021, the financial institution held a sustainability webinar tagged: ‘Working Towards Net Zero Emissions’, as part of the Stanbic IBTC 2021 Sustainability Week event. The webinar aimed to promote public awareness of the impact of climate change and provide practical methods toward carbon footprint reduction and net zero emissions achievement.

Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC said, “Stanbic IBTC remained committed to addressing issues that relate to climate change and creating an environment that is friendly and habitable for all Nigerians”. 

Demola pointed out that in line with the Paris Agreement adopted by 196 countries to reduce global warming and build resilience to climate change, the financial institution had taken pragmatic steps aimed at reducing paper usage and carbon emission.

“We cannot ignore our responsibility in addressing current climate changes. Through small adjustments leading to a more conscientious and sustainable lifestyle, each of us can take part in the global climate protection project,” Demola said.

“As reflected in one of our strategic value drivers SEE (Social, Environmental and Economic) Impact, Stanbic IBTC is focused on ensuring it does business responsibly whilst positively impacting the society and environment where we operate. Our value drivers serve as the anchor for Stanbic IBTC environmental footprint management, which includes the reduction of carbon emissions, and effective waste management.”

Speaking in the same vein, Kunle Adedeji, Executive Director, Finance and Value Management noted that the financial organisation strives to accelerate the development of a more sustainable future for all.

He said: “We have already commenced various workstreams that will help us on the journey towards net zero emissions. Some of these include understanding our energy sources, consumption patterns and possible areas for efficiency; adoption of cleaner energy sources in our office locations, leveraging natural gas and solar energy solutions; and adoption of tree planting programmes which will help us with carbon sequestration.”

Stanbic IBTC remains committed to reducing global warming by taking part in the global climate protection project to make the world a better place.