Diversified financial services company PNC Financial Services Group announced today that it has joined the Partnership for Carbon Accounting Financials (PCAF), committing to measuring and disclosing the climate impact of its loans and investments.
The PCAF is a global partnership of more than 140 financial institutions, representing over $43 trillion in total assets, with a mission to develop and implement a harmonized approach to assess and disclose the greenhouse gas (GHG) emissions associated with loans and investments. In November 2020, the PCAF launched the Global GHG Accounting and Reporting Standard for the Financial Industry, designed to provide a standardized, robust and clear way for banks, asset managers and asset owners to measure and report the GHG emissions impact of their loans and investment portfolios.
The PCAF has seen significant growth in members from around the world in recent months, with recent signatories to the initiative including HSBC, Deutsche Bank and Mizuho.
Nicole Labutong, PCAF North America Regional Lead, said:
“We’re delighted to welcome PNC to the 140+ financial institutions that have committed to measure and disclose their financed emissions using the PCAF Standard. We look forward to PNC’s contributions within the global partnership.”
Members of PCAF commit to measure and disclose financed emissions. PNC stated that joining the initiative marks the latest step in its journey to understand, measure, disclose and mitigate its overall environmentalEnvironmental criteria consider how a company performs as a steward of nature. impact in ways that are decision-useful for the bank and its stakeholders.
Lora Phillips, Vice President, PNC EnvironmentalEnvironmental criteria consider how a company performs as a steward of nature., SocialSocial criteria examine how it manages relationships with employees, suppliers, customers, and the communities where it operates. and GovernanceGovernance deals with a company’s leadership, executive pay, audits, internal controls, and shareholder rights., said:
“Complex problems like climate change require collaboration and conversation. We’re excited to join PCAF and its members, as we jointly chart a path to a Net Zero future.”
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