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Fidelity Bank takes the lead in sustainability reporting, publishes 2023 ISSB-compliant report

Key Points

  • First Nigerian bank to publish a report following the International Sustainability Standards Board (ISSB) standards.
  • The report details the bank’s performance in areas like governance, risk management, human capital, and community engagement regarding sustainability and climate change for the 2023 financial year.
  • Commitment to UN’s environmental and social responsibility initiatives is highlighted.
  • This achievement reflects Fidelity Bank’s leadership in integrating sustainability into its core operations.

 

Fidelity Bank Plc has reinforced its commitment to sustainability by becoming the first Nigerian bank to release its 2023 ISSB-Compliant Sustainability and Climate Report.

The report, available on the bank’s website, provides a comprehensive overview of the bank’s governance, strategy, risk management, and metrics related to sustainability and climate risks and opportunities. Additionally, it highlights the bank’s human capital initiatives and community efforts for the 2023 financial year.

Milestone Achievement in Sustainability

Chairman of the Board of Directors, Mr Mustapha Chike-Obi, commented on this achievement, noting that 2023 marked a pivotal point in the bank’s sustainability journey.

He highlighted Fidelity Bank’s commitment to the UN Environment Programme Finance Initiative (UNEP FI) Principles for Responsible Banking (PRB) and the UN Women’s Empowerment Principles (WEP). These commitments integrate sustainability and climate-related goals into the bank’s core strategy and daily operations.

Also Read: Business File: Fidelity Bank Plc Holds 35th Annual General Meeting

“We believe innovation and transparency are essential for building trust in our strategies and achievements. As we progress towards sustainability, we remain committed to our diverse stakeholders, including our dedicated workforce, esteemed shareholders, and valued customers,” remarked Chike-Obi.

The report, prepared in accordance with IFRS S1 and S2 requirements, underscores the bank’s role as a leader within the financial services sector, showcasing its achievements and future aspirations.

Market Leadership in Sustainability

Executive Director and Chief Risk Officer, Mr Kevin Ugwuoke, emphasised the bank’s dedication to embedding ESG and climate-related risks and opportunities into its business operations.

Also Read: Climate change: Nigeria secures over $5 billion funding at COP28

“Our 2023 Sustainability and Climate Report details our commitment to continually situate ESG and Climate-related considerations at the core of our business operations. We are proud to be the first bank to publish this report, underscoring our market leadership in the sustainability space,” Ugwuoke said.

Fidelity Bank was recently recognised among the top Nigerian banks in ESG performance by a survey from the Independent Project Monitoring Company (IPMC) Limited.

Celebrating Success

Fidelity Bank has received numerous accolades, including:

  • Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards
  • Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards
  • Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023
  • Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023

About the 2023 ISSB Standards Update

In June 2023, the ISSB updated the Sustainability Accounting Standards Board (SASB) Standards to align climate-related disclosure topics and metrics with IFRS S2 ‘Climate-related Disclosures’. These standards comprise 77 industry-based sustainability-related disclosure standards and include over 1,000 metrics.

Kayode Ogunwale

Kayode has covered the capital market since 2007 as a reporter and Capital Market Editor for major national dallies. He won the Capital Market reporter of the year award at the Nigeria Media Merit Award in 2011.

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