Polaris Bank, Union Bank Restate Commitment to Environmental Sustainability

By Adedapo Adesanya

In commemoration of the 2023 World Environment Day, observed yearly on June 5, Polaris Bank, one of Nigeria’s leading digital financial institutions, has restated its commitment to environmental sustainability in the country.

The annual event is led by the United Nations Environment Programme (UNEP), which is observed globally to encourage awareness and action for the protection of the environment. This year marks the 50th anniversary of the event.

The theme of the 2023 World Environment Day was Solutions to plastic pollution, with the hashtag #BeatPlasticPollution.

Plastic pollution is a major environmental problem. Every year, millions of tons of plastic waste end up in our oceans, landfills, and waterways. This plastic can harm wildlife, pollute our air and water, and contribute to climate change.

Specifically, and in line with the theme of the 2023 World Environment Day, Polaris Bank said it is taking proactive measures to address challenges of waste management and plastic pollution while supporting the United Nations’ Sustainable Development Goals (SDGs), Nigerian Sustainable Banking Principles (NSBPs) and United Nations Environment Programme Finance Initiative (UNEP FI’s) Principles of Responsible Banking

Polaris Bank, as part of its environmental sustainability focus, said it has invested in waste management, plastic collection, renewable energy adoption, education, inclusivity, and carbon reduction. The Bank contributes to individuals’ needs and societal goals by implementing sustainable practices and guidelines while ensuring a responsible and environmentally conscious business strategy.

“In managing the environmental impact of its activities, Polaris Bank has made significant efforts to reduce carbon emissions and dependence on fossil fuels. Through using solar energy to power security lights, some ATMs and business locations, and implementing automated systems and digital alternatives to paper output, the bank actively mitigates waste generation and reduces its carbon footprint.

“Polaris Bank has streamlined its vehicle fleet to further minimise its carbon footprint, while most meetings and engagement are held virtually. By prioritizing sustainable energy sources and expanding its network of ATMs, including prestigious off-site locations, the bank ensures convenient and eco-friendly access to banking services.”

The lender took its commitment a step further by partnering with some organizations to help it provide clean water and sanitation in some communities. Its Corporate Social Responsibility (CSR) projects are clearly spelt out to reflect adherence to environmental sustainability.

“Additionally, through partnerships with organizations like the United Nations Association of Nigeria (UNAN), we contributed to providing clean water and enhanced sanitation to local communities in Lagos state.

“We also partnered with the non-profit organization Evolve to launch the Girl Child Education and the Environment CSR program. This initiative strives to keep the girl child in school and educated, thereby reducing early marriages and population explosion, which impacts the Climate.

“This empowers underprivileged girls through education, providing them with school supplies and personal development tools. By supporting over 3,000 female students from 12 secondary schools nationwide, Polaris Bank fosters individual growth and inspires positive contributions to society.

“Polaris Bank’s dedication to environmental sustainability is a key component of its broader vision to create a positive and lasting impact on society. As part of the commemoration of the 2023 World Environment Day, the Bank has established dedicated plastic collection hubs across its branches in Lagos. These hubs serve as convenient drop-off points for responsible disposal of plastic waste for onward recycling while empowering individuals and communities to actively participate in reducing plastic pollution.”

On its part, Union Bank of Nigeria partnered with the Nigerian Conservation Foundation (NCF) to celebrate the day.

To create awareness of environmental responsibility and encourage collective action, Union Bank employees, together with the Nigerian Conservation Foundation, volunteered to educate students at Aguda Junior Grammar School, Surulere, Greg Girls Junior High School, Surulere, and Okun Ajah Community Senior Secondary School, Okun Ajah.

The students were educated on the detrimental effects of plastic pollution on the environment, highlighting the importance of reducing plastic consumption, reusing plastic, and practical tips for sustainable recycling.

The bank also donated waste bins to each school to encourage recycling and make it easier for students to do their part in reducing plastic waste.

Speaking on the Bank’s activities to mark World Environment Day, Union Bank’s Chief Brand and Marketing, Ms Olufunmilola Aluko, said, “At Union Bank, we are resolute in our commitment to being a sustainability champion. This year’s focus on tackling the pervasive issue of plastic pollution resonates deeply with our commitment to environmental sustainability.

“We proudly partner with NCF to educate students on solutions to beat plastic pollution. By raising awareness and advocating for responsible plastic waste management, we can collectively and significantly preserve our planet for future generations.”

With its focus set on the future, Union Bank said it committed to leading the way in shaping a better, more sustainable future for generations to come.