On September 23, the Partnership for Carbon Accounting Financials (“PCAF”), announced that more than 50 financial institutions worldwide, representing 2.9 trillion dollars in assets, have committed themselves to assess and disclose the GHG emissions of their loans and investments. It’s the largest such commitment ever made in the financial sector.
Since its founding at the 2015 Paris Climate Summit, PCAF institutions have worked together to jointly develop open-source methodologies to measure the carbon footprint of their investments and loans. CEI, one of only two US community development-focused financial institutions on the list, has committed to using the PCAF standards to assess the GHG emissions of its portfolio, and to disclose those results in three years.
The goal of the open-access, free-of-charge PCAF initiative is encourage banks and investors all across the world to assess the GHG emissions of their portfolios on the path to aligning their business strategies with the Paris Climate Agreement.
About the Partnership for Carbon Accounting Financials
PCAF was founded by fourteen Dutch financial institutions as the Platform for Carbon Accounting Financials (PCAF) via a Dutch Carbon Pledge at the Paris Climate Summit in 2015. PCAF institutions work together to jointly develop open-source methodologies to measure the carbon footprint of their investments and loans. By measuring and disclosing this information, PCAF institutions develop effective strategies to contribute to a low carbon society. PCAF is organized by a steering committee comprised of representatives of ABN AMRO, Amalgamated Bank, ASN Bank, Global Alliance for Banking on Values (GABV) and Triodos Bank.