LUSAKA, Zambia-19 July 2023– First National Bank (FNB) Zambia and Worldwide Fund for Nature (WWF) Zambia have entered into a partnership through a Memorandum of Understanding (MOU) to establish a strategic relationship to address the climate change impact in Zambia.
Speaking during the signing of the memorandum of understanding to cement the partnership in Lusaka, FNB Zambia Chief Executive Officer, Bydon Longwe said, “At FNB we are aware that the Environmental, Social and Governance (ESG) topic has become critical in how business is undertaken. As a bank that is constantly evolving with the ever-changing needs of our customers and society. The partnership with WWF today amplifies our intent to help create a better world and society for all, in line with our ethos of creating a better world by offering real help in the communities where FNB operates. Our banking and lifestyle solutions are carefully developed to meet the ever-changing needs of our customers. We invest in innovation and community impact to allow our people access to the best-in-class products and services”.
“I would like to congratulate Nachilala Nkombo and her WWF team on the successful launch of the second PachiPanda Innovation Challenge in Zambia last week. I understand that challenge is aimed at encouraging and supporting innovative solutions that address pressing environmental and societal challenges within the country. I am pleased to state that FNB is pledging to support the challenge through the provision of sustainable financial advice and other key initiatives to the shortlisted teams. This on the basis that, FNB was meant for help and help is what the bank does. We see ourselves as part of the solution to bettering our country’s economy not only through the provision of banking and lifestyle solutions, but also through contributing, to addressing the impacts of climate change in Zambia”. Mr Longwe added.
In summing up, FNB CEO stated that, the bank is excited to announce partnership with WWF Zambia through the memorandum of understanding that will cover different aspects relating to country development which will amplify collective commitment towards a sustainable world.
Meanwhile, speaking during same event, WWF Zambia Country Director, Nachilala Nkombo said, “Measuring the potential effects of climate change on financial institutions is a challenging task. Therefore, WWF Zambia partnering with FNB Zambia will support the bank in developing tools, presenting a fantastic window of opportunity for bankable nature solutions to leveraging the much needed financing using the right financial instruments, methodologies and processes to address the climate risk that banks face. WWF would like to see continuation of joint efforts for building a long-term and strategic partnership. The adoption of this memorandum of understanding today is timely as it will put us on the road to closer cooperation to bridge green financing gap”.
She continued, “In this context, it is important to note that WWF Zambia is better placed to assist in assessing environmental risk to FNB Zambia and outlining investment opportunities in a rapidly changing climate and environment by utilising various methods. Methods such as the water risk filter, biodiversity risk filter, science-based target initiatives, and sustainable banking assessment.”
In a nutshell, WWF Country Director mentioned that, Africa faces a huge investment scarcity and there is a massive green fiancé gap that must be filled. The African content annual financing gap for green finance is estimated at approximately $250 billion USD each year between 2020 and 2030. Therefore, in order to achieve the net zero aim by 2030, there is need for financing channelled into green initiatives, closing deals implementations, individuals must be connected to nature and an emphasis on live hoods to dissuade environmentally harmful behaviour will be crucial.
FNB Zambia and WWF Zambia’s partnership will cover but will not be limited to the following key initiatives built on the sustainability umbrella:
FNB Zambia and WWF Zambia will continue to work with like-minded organisations committed to driving the sustainability agenda in the country and beyond.