Access Bank’s Sustainable Finance Framework Gets S&P Global Ratings’ Endorsement
S&P Global Ratings (S&P) has endorsed Access Bank for its Sustainable Finance Framework (or otherwise, the Sustainability Bond Framework).
The endorsement came following S&P’s affirmation that Access Bank’s framework aligns with international standards, including the Green Bond Principles (GBP), ICMA 2021; Green Loan Principles (GLP), LMA/LSTA/APLMA 2021; Social Bond Principles (SBP), ICMA 2021; Social Loan Principles (SLP), LMA/LSTA/APLMA 2021, and Sustainability Bond Guidelines, ICMA 2021.
The ratings agency however confirmed that its alignment opinion does not assess any individual transaction with the ICMA’s GBP, GLP, LMA/LSTA/APLMA, 2021; SBP, SLP, LMA/LSTA/APLMA, 2021, or Sustainability Bond Guidelines ICMA, 2021.
Salaheddine Soumir, the primary contact at S&P Global Ratings noted that Access Bank has committed to allocating an amount equivalent to the net proceeds of any financing issued under this framework to fund projects that support the ICMA-defined environmental and social objectives of a low-carbon economy and climate-resilient growth.
“This is expected to drive socio-economic development and empowerment. Moreover, the Bank clearly defines eligibility criteria for green and social projects it could finance under this framework,” he said.
Gregory Jobome, Executive Director, Risk Management and Chairman, of Green Bond Committee at Access Bank PLC expressed delight on the endorsement, stating that Access Bank’s sustainability is engrained in its DNA.
“As such, we are committed to financing projects that align with the ICMA-defined environmental and social objectives of a low-carbon economy and climate-resilient growth.”
The Sustainability Bond Framework outlines stringent eligibility criteria for green and social projects that Access Bank may finance, ensuring that the allocated funds are directed towards initiatives that support a sustainable future.
In addition, the Bank commits to disclose the impact metrics of the financed projects and to obtain external verification for both allocation and impact reports.
Access Bank, operating through a network of more than 700 branches and service outlets spanning 3 continents, 20 countries and over 60 million customers, is a leading institution with an unwavering commitment to sustainability. It has consistently integrated Environmental, Social, and Governance (ESG) criteria into its lending and investment decisions, cementing its status as a sustainability-focused and forward-thinking financial institution.