Professional services provider PwC and the Partnership for Carbon Accounting Financials (PCAF) announced a new partnership aimed at supporting banks and investors to measure and report financed emissions, with PwC becoming a global partner under PCAF’s Accredited Partner program.
The PCAF is a global partnership of financial institutions, launched globally in 2019 with a mission to develop and implement a harmonized approach to assess and disclose the greenhouse gas (GHG) emissions associated with loans and investments. The initiative has developed standards for measuring and disclosing financed emissions, facilitated emissions associated with capital markets issuances, and insurance-associated emissions.
The standard has become the single most widely used methodology for measuring and reporting financed emissions globally, included being incorporated and referenced in key sustainability reporting standards including IFRS S2 and the CSRD’s ESRS.
In 2023, PCAF launched an accredited partner program, enabling collaboration with service providers such as consultancies, data providers, and software providers, in order to support financial institutions in applying the PCAF Standard. Additional Global Accredited Partners to date include S&P Global, Schneider Electric’s SE Advisory Services, Persefoni, Workiva and Watershed.
Bart van Lunteren, Accredited Partner Lead at PCAF, said:
“Financial institutions are increasingly looking to strengthen the quality, consistency, and transparency of emissions accounting across their portfolios. PwC brings extensive experience across measurement, data governance, reporting, and assurance, which will help financial institutions implement the PCAF Standard and advance high-quality GHG accounting and disclosure practices.”
PwC offers capabilities including emissions baselining, calculation engine development and automation, data governance, AI-enabled data management, target-setting, disclosure readiness, and independent assurance. According to the organizations, the new partnership will reinforce PwC’s ability to support financial institutions in applying the PCAF Standard as part of a broader approach to risk management, decision-making, and sustainability strategy.
Lynne Baber, Global Sustainability Leader at PwC, said:
“PwC’s role as a PCAF Global Accredited Partner reinforces our commitment to helping financial institutions measure and manage emissions associated with financial activities in a credible, consistent, and decision-useful manner.”
