Polaris Bank, Nigeria’s leading digital financial institution, has restated its commitment to environmental sustainability in the country.
The bank’s commitment is coming on the heels of the 2023 World Environment Day observed yearly on June 5. 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 is “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 has taken 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 has invested in waste management, plastic collection, renewable energy adoption, education, inclusivity, and carbon reduction. By implementing sustainable practices and guidelines, the Bank contributes to individuals’ needs and societal goals 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 the use of solar energy to power security lights, some ATMs and business locations, as well as implementing automated systems and digital alternatives to paper output, the Bank actively mitigates waste generation and reduces its carbon footprint.
“To further minimize its carbon footprint, Polaris Bank has streamlined its vehicle fleet, 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 Bank explained in a statement on Monday.
The Bank took its commitment a step further by partnering with some organizations to help it provide clean water and sanitation in some communities. It’s Corporate Social Responsibility (CSR) projects are clearly spelt out to reflect adherence to environment 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.”