The Partnership for Carbon Accounting Financials (PCAF) has launched the Global GHG Accounting and Reporting Standard for the Financial Industry at a virtual event during London Climate Action Week. Banks, asset managers and asset owners now have access to a free, standardised, robust and clear way of measuring and reporting GHG emissions tied to lending and investment portfolios.
The methodology is being launched as the global financial industry is increasing its focus on climate change impacts and as shareholders, regulators and stakeholders are pressuring the sector to take a more proactive role in supporting solutions in partnership with governments and civil society. At the same time, financial institutions have a significant opportunity, as trillions in capital will be required in the shift towards a low-carbon economy.
Over the past 12 months, 16 financial institutions have teamed up to create the PCAF Standard, Robeco being one of them.
Carola van Lamoen, Head SI Center of Expertise at Robeco, says: “We welcome the Global GHG Accounting Standard for the Financial Industry with open arms. as one of the initiators of PCAF back in 2015, Robeco is delighted to see that this Dutch initiative has now evolved into a global standard. As more and more governments legislate for net zero emissions in 2050, every sector of the economy needs to adapt for the transition. Harmonised carbon accounting is essential, as steering portfolio’s starts by having a standard framework, and being able to measure it. We hope for an accelerated uptake, so that the investment industry can move on, and shift its focus from not only measurement, but also to creating impact.”