Stanbic IBTC Restates Commitment To Net Zero Emissions By 2050

Stanbic IBTC Holdings, a member of Standard Bank Group says it has embarked on several laudable initiatives to achieve net zero emissions of cutting greenhouse gas emissions to as close as zero as possible, while any residual emissions are re-absorbed from the atmosphere by 2050, thereby creating a more sustainable future for all.

In 2020, the group recalled that it 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% across branch locations on the Go-Green branch initiative. Reduction in paper usage indirectly contributes to reduce 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 expressed commitment “to addressing issues that relate to climate change and creating an environment that is friendly and habitable for all Nigerians”.

Sogunle stressed 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,” Sogunle 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.”

Also commenting, Kunle Adedeji, Executive Director, Finance and Value Management noted that the organisation strives to accelerate the development of a more sustainable future for all.

“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,” he added.

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