Fidelity Bank ranked amongst top Banks in ESG rating

Date:

June 18, 2024.

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Azonuchechi Chukwu.

A recent survey commissioned by the Independent Project Monitoring Company (IPC) Limited has ranked Fidelity Bank Plc fourth out of 29 Nigerian banks in Environmental, Social and Governance (ESG) practices and reporting.

The bank achieved a score of 57.73per cent.

Also, the result shows that ahead of Fidelity Bank, Zenith Bank was ranked first at 65.22per cent, followed by Access Bank at 60.33per cent and Stanbic IBTC Bank at 60.16per.cent.

The United Bank for Africa (UBA) was ranked fifth at 57.19per cent.

In a post hosted on MSN.com, , the IPC stated that the ratings were benchmarked against the leading global ESG rating companies such as S & P Global and MSCI Sustainability Ratings.

These weightings were determined following a comprehensive analysis of both global rating standards and the specific nuances of the Nigerian business landscape, resulting in allocations of 13 per cent for environmental factors, 43 per cent for social factors and 44 percent for governance factors.

In his welcome address at the launch of the ESG report in Lagos, Managing Director IPMC, Mr Robert Ode Odiachi, said the Nigerian banking and insurance sector have played key roles in the economy stability of the country.

He said in the midst of growing challenges facing the two sectors, there is growing need for banks to integrate ESG practices into their operations especially in the area of risk management and reporting.

“This proactive approach helps them stay adaptive to changing regulations, amidst the rising expectations of consumers,” he stated.

Also speaking at the event themed, ‘Driving Impact: Harnessing ESG for Sustainable Finance’, Rukaiya el-Rufai, Special Adviser to the President on NEC and Climate Change, said companies that prioritise ESG are not only contributing to a more sustainable and an equitable world but are also positioning themselves for value creation that not only ensures greater financial performance but embeds value levers that will sustain the performance.

According to el-Rufai, corporates must ensure that they attain the fine balance of creating sustainable value for their enterprises as well as for society in what is understood as share value creation.

She said, this means that corporates must look beyond themselves to seek to understand and incorporate what value means to their stakeholders.

“Corporates can leverage frameworks, standards, ratings and guidelines to establish clear expectations and avoid blind spots in their operations.

“Companies that proactively address these issues through sustainable practices, such as reducing carbon footprints, investing in renewable energy and promoting circular economies, are better positioned to thrive in a resource-constrained world,” she stated.

It would be recalled that in November 2023, Fidelity Bank became an official signatory of the UN Principles for Responsible Banking – a single framework for a sustainable banking industry developed through a collaboration between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI).

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.(www.naija247news.com).

Chukwu Azochukwu, The Naija247news
Chukwu Azochukwu, The Naija247newshttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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