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Wednesday, March 25, 2020 / 5:47 PM / NSE / Header Image Credit: Access Bank
Access Bank, in March 2019, became the first
Nigerian bank to issue a green bond. The NGN15 billion Access Bank Green Bond
was fully subscribed. The proceeds of the issuance formed a new financing pool,
which was allocated to build environmental resilience, deliver on clean energy,
and foster sustainable use of land. This is another validation for our strong
commitment to sustainable economic development in Nigeria and in the African
region.
With NGN14.623 billion (98.7%) already allocated
to, a climate change mitigation project for flood defense and two renewable
energy assets, we are glad to present the first Impact Report of the inaugural
green bond by Access Bank. This timely report is customary to Access Bank's
compliance practice. We believe this report is critical to sustaining the
confidence of investors and support of our diverse stakeholders.
At Access Bank, we are totally dedicated to
fostering economic and financial prosperity that is environmentally-responsible
and socially-inclusive. To achieve this strategic objective, we have embedded
sustainability in all our business processes, policies and offerings. The vital
knowledge and experience gained from our first green bond issuance, coupled
with its success, has reassured us that Access Bank is well-positioned to
create green assets, manage the portfolios and generate returns. The green bond
has demonstrated that sustainability is more than an advocacy for doing the
right things, it is also a framework and a strategy for creating financial
assets to serve our customers and fund eligible projects.
Our sustainability strategy aligns with global best
practice. Access Bank is a committed member of, or signatory to, various global
initiatives for promoting the United Nations Sustainable Development Goals
(SDGs) and the Paris Climate Accord. The initiatives include the United Nations
Environment Programme Finance Initiative (UNEP FI), Principles for Responsible
Investments (PRI), and the UNEP FI Principles for Responsible Banking. The Bank
is also a participant in the second pilot phase of the Taskforce on
Climate-related Financial Disclosures (TCFD).
We are champions of these global principles where
CEO Statement Herbert Wigwe Managing Director/Chief Executive Officer we
operate and in the communities we serve. I am happy to note that the Access
Bank Green Bond has been invested to support Nigeria's Nationally Determined
Contribution (NDC) under the Paris Climate Accord. In 2019, we launched the
Access Bank Sustainability Summit in Lagos to build a community of practice for
sustainability in Nigeria. The green bond is featured in our 2019
Sustainability Report. This is aimed at increasing awareness among our
stakeholders as we continue to mainstream sustainability into our strategy,
operations, financing, investor relations, and social and environmental scorecard.
We hope to continue to enjoy the support of our
investment partners and broader stakeholders in our efforts to continue to grow
our portfolio of sustainable finance at Access Bank and leverage our leadership
credentials in sustainability.
This report gives an overview of the allocation of
eligible green assets to the Access Bank Green Bond and describes the impact of
the Green Bond at a portfolio level. The issuance of Access Bank's Green Bond
is fully integrated into the Bank's sustainability strategy. * The directors of
Access Bank PLC are responsible for the preparation of this report and all
supporting records, including selecting appropriate reporting criteria to form
the Green Bond Policy and assessing the statement as to Use of Proceeds against
that policy. The allocation and tracking of funds received is the
responsibility of our Green Bond Committee as described on page 24 in this
report. We confirm that the statement as to Use of Proceeds is properly
prepared in accordance with the policy for the period ended 29 February, 2020.
Download Here - Access Bank Green Bond Impact Report 2020
Visit Access Bank Plc IR
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