FNB Zambia and WWF Zambia Join Forces to Tackle Climate Change and Foster Sustainability
First National Bank (FNB) Zambia and the Worldwide Fund for Nature (WWF) Zambia have united in a strategic partnership to address the impact of climate change in Zambia. The two organizations signed a Memorandum of Understanding (MOU) to formalize their commitment to sustainable practices and environmental responsibility.
During the signing ceremony, Bydon Longwe, CEO of FNB Zambia, emphasized the growing importance of Environmental, Social, and Governance (ESG) considerations in the business landscape. He expressed FNB’s dedication to contributing to a better world and society by collaborating with WWF.
FNB Zambia pledged support for WWF Zambia’s PachiPanda Innovation Challenge, an initiative designed to encourage and assist innovative solutions addressing environmental and societal challenges in the country. The bank will offer sustainable financial advice and other key initiatives to the shortlisted teams, amplifying their collective commitment to sustainability.
Nachilala Nkombo, Country Director of WWF Zambia, highlighted the challenging task of assessing the potential effects of climate change on financial institutions. She stressed that the partnership with FNB Zambia would support the bank in developing tools and processes to address climate-related risks.
WWF Zambia will leverage its expertise to assist in assessing environmental risks for FNB Zambia and identifying investment opportunities amidst a rapidly changing climate and environment. The organization will utilize methodologies such as the water risk filter, biodiversity risk filter, science-based target initiatives, and sustainable banking assessment.
The partnership between FNB Zambia and WWF Zambia will encompass various key initiatives under the sustainability umbrella, including financial intermediation to improve access to capital for investors and borrowers. Additionally, they will collaborate on transaction structuring to support customers and investors in realizing the benefits of sustainability investments and green bonds.
Conditional underwriting will offer customers the option to access finance or re-financing for eligible green assets and projects. Both organizations will also provide guidance on the use of proceeds, project evaluation and selection, and reporting, focusing on renewable energy, biodiversity conservation, sustainable water management, pollution prevention, control, and green buildings, among other initiatives.
FNB Zambia and WWF Zambia’s partnership reflects their dedication to driving the sustainability agenda in Zambia and beyond. They will continue to work with like-minded organizations committed to fostering a sustainable future for the country and the planet.
