-Switch To Solar Will Combat Climate Change, Support Low-Carbon Economy Transition
News Highlights:
- The campaign offers accessible financing solutions for individuals and businesses to acquire solar power products.
- The Switch to Solar campaign aims to improve the quality of life for Nigerians by providing reliable and sustainable energy sources.
- Access Bank emphasizes the importance of renewable energy in reducing carbon footprints and fostering environmental sustainability.
Access Bank has launched its ‘Switch to Solar’ campaign for households and businesses nationwide, an initiative that aims to combat climate change and promote a cleaner energy environment, supporting the transition to a low-carbon economy.
The campaign would enable Access Bank to provide accessible financing solutions for individuals and businesses to acquire solar power products, including solar panels, inverters, and batteries through its partnership with accredited vendors.
Digital TimesNG understands that the Access Bank-powered Switch to Solar campaign will enable businesses to access up to N50 million and individuals, N10 million, for the financing of Solar PV, batteries, and inverters along with installation, with about 10 per cent equity contribution on invoice value.
Njideka Esomeju, Group Head, Consumer Banking at Access Bank said during the media launch that the campaign would offer consumers a reliable source of electricity through solar photovoltaic (PV) and batteries, adding that the bank recognized the critical role that renewable energy played in reducing carbon footprints and fostering environmental sustainability.
“We are launching a targeted initiative to facilitate the acquisition of solar power products through flexible financing options with the Switch to Solar product. The initiative would enable households to have access to solar energy at a reduced cost to be financed by the bank.
“The Switch to Solar campaign aims to significantly improve the quality of life for many Nigerians by providing a reliable and sustainable energy source. It will reduce dependence on fossil fuels, lower energy costs, and support environmental conservation efforts through the reduced carbon emission on power products, hence improving living. We intend to impact over 50,000 households with this drive.”
“We are collaborating with them to ensure that these are got at a good rate. We aim to ensure that all households, businesses, and industrial factories are powered by solar,” Esomeju said.
Gbenga Sheriff, Access Bank’s Head of Risk Management (Environmental and Social Risk), said the campaign would increase the adoption of solar power products in targeted clusters and increase positive environmental impact through reduced carbon emissions.
He said that the campaign was in line with the Federal Government’s commitment to its Nationally Determined Contribution to the United Nations Framework Convention on Climate Change and the Paris Agreement.
Sheriff stated that the government has pledged an unconditional target of reducing Greenhouse Gas (GHG) emissions by 20 per cent, and a conditional target of a 47 per cent reduction below 2018 levels, contingent on international support.
Bolarinwa Animashaun, Regional Sales Director, Lagos 1, Access Bank in adding his voice, said the “Switch to Solar” initiative followed the bank’s engagements with its customers, noting that the initiative was in line with the objectives of Economic, Social, and Governance Goal 7.
Animashaun noted that the product could be acquired without pressure on customers, adding that payment could be made over 48 months and an individual salary earner could be able to access N10 million.
Abiodun Olubitan, Group Head, Women Banking at Access Bank said that awareness about the Switch to Solar initiative will be taken to all households in Nigeria as part of Access Bank’s commitment to social responsibility and sustainable development.
“We want to take this awareness, in collaboration with our partners, to the doorsteps of every community around us, one individual at a time and one cluster at a time. We also plan to educate people about the benefits of solar energy and its impact on environmental sustainability,” Olubitan said.
She disclosed that the campaign is about sustainability, social impact and providing finance for customers to purchase and pay over a flexible period of 12 months to 48 months.
Thelma Luck-Nwoye, Unit Head, Consumer Assets at Access Bank who added her voice on why the bank was focusing on Economic, Social, and Governance (ESG)initiatives said the bank is committed to sustainability by supporting the UN SDG 7.
“This commitment underscores the bank’s role in advancing global sustainability efforts and supporting a transition to a low-carbon economy with the development of products and services that promote renewable energy solutions and clean energy initiatives, thereby fostering environmental preservation and energy security.
“With the ‘Switch to Solar’ we provide accessible financing solutions for individuals and businesses within our community to acquire solar power products, including solar panels, inverters, and batteries through our partnership with accredited vendors to ensure the availability and quality of products,” Nwoye said.