Relationship-based ads and online behavioral advertising help us do that. CDPs disclosure framework incorporates The Global GHG Accounting and Reporting Standard for the Financial Industry released by PCAF in November 2020, into its Climate Change Questionnaire for Financial Services. " PCAF's methodology will be a key tool to measuring carbon emissions, enabling climate risk management, and helping drive low carbon product development." Audrey Choi, Chief Sustainability Officer at Morgan Stanley. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Partnership Accounting will sometimes glitch and take you a long time to try different solutions. The said integration of the CDP framework and the PCAF standard enables companies and organizations to have robust and clear guidelines to measure and report their GHG emissions including Scope 3 of their financed emissions. Step 5. that have been actively involved in developing and implementing greenhouse gas (GHG) accounting in their organization. Financial institutions recognize that measuring financed emissions is a catalyst for action, regardless of their size, business model or where they are in the world. This gives your organization an opportunity to collaborate with other financial institutions at the regional or national level. CDPs disclosure framework incorporates The, , into its Climate Change Questionnaire for Financial Services. And financial services are looking to set the standard in the area of measuring GHG output across a portfolio, given the sectors scope and ability to influence other industries through investments. Taskforce on Climate related Financial Disclosures (TCFD) . The Global GHG Accounting and Reporting Standard is available at:https://carbonaccountingfinancials.com/standard. This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that's customized to meet specific interests you may have. Now it is our task to implement it in order to achieve greater transparency and accountability of the financial sectorGiel Linthorst, Executive Director of PCAF Secretariat and Director at Guidehouse, Media inquiries please contact:Giel Linthorst, Executive Director PCAF SecretariatE: info@carbonaccountingfinancials.com, In 2015, under the leadership of ASN Bank, fourteen Dutch financial institutions created the Partnership for Carbon Accounting Financials (PCAF). November 18, 2020 - The Partnership for Carbon Accounting Financials (PCAF) launched today the Global GHG Accounting and Reporting Standard for the Financial Industry at a virtual event during London Climate Action Week. Bank of America Coronavirus Resource Center, How we help people, companies and institutions realize their financial goals. PCAF participants jointly develop the Global GHG Accounting and Reporting Standard for the Financial Industry to measure and disclose the greenhouse gas emissions of their loans and investments. Learn more at:https://carbonaccountingfinancials.com, Global GHG Accounting and Reporting Standard, Public consultation on Capital Markets Facilitated Emissions methodology, Public Consultation on Insurance-Associated Emissions Progress Report, Public Consultation on Technical Guidance for Real Estate Operations, Insurance-Associated Emissions Scoping Document, Global GHG Accounting and Reporting Standard for the Financial Industry. Partnership for Carbon Accounting Financials methodology used to measure financed emissions. BMO a annonc son adhsion au Partnership for Carbon Accounting Financials (PCAF - Partenariat pour la comptabilit financire du carbone). Also, if you opt out of online behavioral advertising, you may still see ads when you sign in to your account, for example through Online Banking or MyMerrill. The GHG protocol sets the foundation for measuring Scope 1 and 2 emissions and in some instances Scope 3, while the Partnership for Carbon Accounting Financials (PCAF) offers a methodology to assess and allocate GHG emissions associated with investments and loans, such as mortgages or car loans. Partnership for Carbon Accounting Financials (PCAF) is a global partnership of financial institutions that establishes a standard for greenhouse gas (GHG) accounting and reporting in the financial industry. Enabling financial institutions to assess and disclose greenhouse gas emissions of loans and investments Download the Standard Join PCAF Measuring financed emissions is the starting point to manage risk and identify opportunities associated with greenhouse gas emissions. The general PCAF approach contains three main steps: emission scopes covered, attribution of emissions, and equation and data required for calculating financed emissions. Your company can join a regional team or the PCAF core team developing the Global GHG Accounting and Reporting Standard. Partnership for Carbon Accounting Financials (PCAF) Topic: greenhouse gas emissions accounting. capital markets facilitated emissions methodology. Product development of interactive tool for institutional investors (asset owners, asset managers, banks) to align their portfolio net zero strategy with latest climate initiatives including Glasgow Financial Alliance for Net Zero (GFANZ), Principles for Responsible Investment (PRI), Partnership for Carbon Accounting Financials (PCAF), Paris Aligned Investment Initiative (PAII) and Climate . The Partnership for Carbon Accounting Financials (PCAF) became a global initiative in 2019. Given the scale of the climate challenge and the crucial role of the financial sector in facilitating the net zero carbon transition, a group of financial institutions created the Partnership for Carbon Accounting Financials (PCAF).Aiming to advance carbon accounting in the financial industry, ABN AMRO, Amalgamated Bank, ASN Bank, Global Alliance for Banking on Values (GABV), and . PCAF and CDPs partnership for carbon accounting enables transparent disclosures of your stakeholders carbon footprint to better understand the climate impact of your portfolios. Accounting for Nature Glossary & Key Terms Accounting for Nature Glossary & Key Terms Version 1.1 3 Accounting for Nature Ltd (AfN): a not-for-profit business that provides a scientific, practical, and cost-effective environmental accounting framework for measuring, verifying, reporting, and certifying changes in the biophysical condition of PCAF now seeks feedback on these methods, and the PCAF Core Team will continue to refine the methods in light of the consultation responses. When your company submits a commitment letter to info@carbonaccountingfinancials.com, it means that you have joined PCAFs methodology for assessing and disclosing the GHG emissions of your financial portfolio in accordance with the PCAF Standard. PCAF was created in 2015 by fourteen Dutch financial institutions, led by ASN Bank. The PCAF Standard received the Built on GHG Protocol Mark from the GHG Protocol, the supplier of the world's most widely used greenhouse gas accounting standards. PCAF is a global partnership of financial institutions that work together to develop and implement a harmonized approach to assess and disclose the greenhouse gas (GHG) emissions associated with their loans and investments. PCAF seeks feedback from all stakeholders, including financial institutions, regulators, policy makers, supervisors, data providers, consultants, and NGOs. These emissions fall under scope 3, category 15, and are often called financed emissions. Deutsche Bank today announced net zero aligned targets for 2030 and 2050 in four carbon-intensive sectors. The initiative was spearheaded by Dutch and North American banks, Bank of America joined PCAF in 2020, and has now been taken up as a global initiative. PCAF's goal is to support financial institutions with a standardized methodology for measuring and reporting investing- and lending-related GHG emissions. Carbon Accounting Easily calculate your organization's carbon footprint to assemble a complete greenhouse gas inventory across Scope 1, 2, and 3. The Partnership for Carbon Accounting Financials is a collaboration between banks and other financial institutions across the world to enable harmonised assessments and disclosures of greenhouse gas (GHG) emissions financed by loans and investments. by the supplier, without the need for involvement of the IT area. Senior Consultant. GHG accounting provides crucial information to assess the resilience of portfolios to climate-related risks and identifies opportunities to finance the decarbonization thats so urgently needed for the transformation to a net zero emissions society.Peter Blom, CEO of Triodos Bank and Chair of the Global Alliance for Banking on Values, PCAFs methodology will be a key tool to measuring carbon emissions, enabling climate risk management, and helping drive low carbon product development.Audrey Choi, Chief Sustainability Officer at Morgan Stanley. PCAF will help your company get started with GHG accounting for loans and investments at no cost (e.g., asset class scoping, data collection, methodology application, validation). Portfolio Analytics One of the key deliverables of the, is an open-source global GHG accounting standard for financial institutions, known as the, was created in 2015 by fourteen Dutch financial institutions, led by ASN Bank. It is the leading finance industry-led methodology for measuring and disclosing absolute financed emissions . With the "Built on Greenhouse Gas Protocol" mark, the PCAF Standard becomes the global reference for GHG accounting for financials. We provide: Automated & accurate measurement of emissions, in real-time; Sub-sector specific carbon reduction strategies; and Audit-ready reporting, compliant with the GHG protocol . PCAF is an industry-led initiative that seeks to help financial institutions accurately and consistently measure and disclose the greenhouse gas (GHG) emissions associated with their financial activities. PCAF has developed a consistent methodology for measuring and disclosing such emissions, which include those associated with corporate/business loans, commercial real estate loans, residential mortgages, motor vehicle loans, project finance and even the equity and bond positions that banks hold on their balance sheet. Your institution will receive guidance on how to best disclose its financed emissions to stakeholders (e.g., annual reports, presentation of results and linkage to the institutions strategy). Partnership for Carbon Accounting Financials (PCAF) is an industry-led initiative of financial institutions who are committed to developing an approach to disclose and reduce greenhouse gas emissions (GHG) from their loans and investment portfolios. The scope of the portfolio coverage for the initial PCAF disclosure is entirely up to your company. We provide: Automated & accurate measurement of emissions, in real-time; Sub-sector specific carbon reduction strategies; and Audit-ready reporting, compliant with the GHG protocol . PCAF launched this uniform methodology in 2015. By joining PCAF, companies can help to drive a consistent framework for financial institutions to measure financed emissions as well as providing a useful tool in the management of these emissions, which is a critical component to address climate change. She works on projects relating to greenhouse gas emissions accounting and emission reduction strategies. made its first foray into the North American market in 2018. Guidehouse serves as the Secretariat of PCAF, providing technical support to PCAF signatories in the development and implementation of the Global GHG Accounting and Reporting Standard for the Financial We strive to provide you with information about products and services you might find interesting and useful. Emission Scopes Covered The Standard requires all financial institutions to report borrowers' and investees' absolute scope 1 and scope 2 GHG emissions across all sectors. UTRECHT, NETHERLANDS 26September 2022- The Partnership for Carbon Accounting Financials (PCAF) is pleased to launch the final public consultation on the capital markets facilitated emissions methodology. One of the PCAFs primary goals is to establish a standard for the assessment and disclosure of greenhouse gas (GHG) emissions associated with the companys loans and investments. On March 4th, 2019, leaders from 28 banks in the Global Alliance for Banking on Values (GABV) agreed to use the PCAF approach to assess and disclose the GHG emissions of their loans and investments. Calculate your carbon footprint from investment & lending activity, using either the PCAF or GHG Protocol standards. Berlin, Germany. Statistics and metrics included in our ESG documents are estimates and may be based on assumptions or developing standards. If you opt out, though, you may still receive generic advertising. The PCAF Standard is a foundational piece for many other climate initiatives. As an output, carbon footprinting gives a single-figure indicator (CO2 emission of the portfolio) and an estimate of which sectors are carbon-intensive versus those that are not. Before acting on any information in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. #PCAF has launched a discussion paper highlighting the importance of capital markets in facilitating the climate transition. Trust and fiduciary services are provided by Bank of America Private Bank, a division of Bank of America, N.A., Member FDIC, and a wholly-owned subsidiary of Bank of America Corporation (BofA Corp.). The PCAF Standard is a key resource for them - and the wider financial sector - in advancing their climate goals. As mentioned earlier, PCAF operates in Africa, Asia-Pacific, Europe, Latin America, and North America. The targets represent a core element of Deutsche Bank's sustainability strategy and reflect the bank's commitments as a founding member of . 320+ Financial institutions - $ 81 + Trillion in total assets. PCAF signatories work together to jointly develop theGlobal GHG Accounting and Reporting Standard for the Financial Industryto measure and disclose the greenhouse gas emissions of their loans, investments, insurance liabilities and other financial products and services. of their loans and investments, which was the first step in the initiatives implementation. Currently, more than 130 banks and investors have subscribed to . About PCAF The Partnership for Carbon Accounting Financials (PCAF) was launched globally in September 2019. Learn more about its goals and how you can join this noble initiative. Certain links may direct you away from Bank of America to an unaffiliated site. You can improve your GHG accounting reporting by joining a regional implementation team. More informed analysis and comparison of the financial institutions engaged in facilitation activity by their investors and other stakeholders. Learn more at:https://carbonaccountingfinancials.com, Program Manager & Latin America Team Lead, PCAF, Global GHG Accounting and Reporting Standard, Public consultation on Capital Markets Facilitated Emissions methodology, Public Consultation on Insurance-Associated Emissions Progress Report, Public Consultation on Technical Guidance for Real Estate Operations, Insurance-Associated Emissions Scoping Document. The PCAF Standard is a key resource for them and the wider financial sector in advancing their climate goals. were adapted to the North American context by 12 financial institutions led by Amalgamated Bank. Partnership for Carbon Accounting Financials (PCAF. In November 2020, PCAF published the Global GHG . Through PCAFs work, financial institutions will be able to utilize a defined methodology to measure, better understand and manage the full impact of their business activities. One of the key deliverables of the PCAF initiative is an open-source global GHG accounting standard for financial institutions, known as the Global GHG Accounting and Reporting Standard for the Financial Industry. Nothing herein is intended to constitute legal, tax, accounting, investment or other professional advice. Joining PCAF is one component of Bank of Americas efforts to reach net-zero greenhouse gas (GHG) emissions in its financial activities, operations and supply chain before 2050. AboutThe Partnership for Carbon Accounting Financials (PCAF). Partnership for Carbon Accounting Financials (PCAF), is an international collaboration of various companies and firms in the, . The Partnership for Carbon Accounting Financials (PCAF) is a global partnership of financial institutions that work together to develop and implement a harmonized approach to assess and disclose the greenhouse gas (GHG) emissions associated with their loans and investments. Supporting ongoing improvement of carbon footprint methodology document ; Working in tandem with the product team to iterate and/or develop internal data sourcing, processing and management processes; Qualifications: Bachelor or Master's degree or 2+ years experience in finance, accounting or a sustainability-driven technical field In the meantime it has become a global initiative1. Learn more about its goals and how you can join this noble initiative. The draft methods and the discussion paper are open for public consultation from today until 17 December 2021. to measure and disclose the greenhouse gas emissions associated to their portfolio of loans and investments. "By joining PCAF, we can work to better understand the carbon footprint of our portfolios and how we can work with our customers to limit the impacts of climate change," said Scott Beckerman, Director of Corporate Sustainability."It all starts with establishing an industry-led, consistent and transparent accounting methodology - and from there we can begin to collectively better understand . GielLinthorst Executive Director, PCAFSecretariatinfo@carbonaccountingfinancials.com, AnglicaAfanador ProgramManager, PCAFSecretariatinfo@carbonaccountingfinancials.com. The Partnership for Carbon Accounting Financials (PCAF) is a global partnership of financial institutions that work together to develop and implement a harmonized approach to assess and disclose the greenhouse gas (GHG) emissions associated with their loans and investments. I'm proud of PCAF's Core Team for the work they have delivered and look forward to receive feedback on these publications. Another benefit of joining a regional team is that your company will gain exposure at climate and finance events around the world. PCAF aims to use the feedback to develop a GHG accounting methodology for capital market instruments. Currently,more than 300 financial institutions have subscribedto the PCAF initiative. Some 90% of major U.S. companies now issue annual reports to outline environmental, social and governance (ESG) practices, programs and policies, compared to just 20% a decade ago.footnotei While such accountability is encouraging, a new cooperative project has the potential to accelerate progress on key environmental and social issues even further. Press contact Ed Grattan Senior PR & Communications Manager Send an e-mail +44 7817 413792 The organisation first published its Global GHG Accounting and Reporting Standard for the Financial Industry in November 2020. Bank of America has not been involved in the preparation of the content supplied at the unaffiliated sites and does not guarantee or assume any responsibility for its content. How can UK-China collaboration in Green Finance help catalyse Net Zero targets? Banks, asset managers and asset owners now have access to a free, standardized, robust and clear way of measuring and reporting GHG emissions tied to lending and investment portfolios. 2"Recommendations and Guidance: Financial Institution Net-zero Transition Plans.". Disclose the financed emissions of your financial institution. By doing so, PCAF institutions take an important step to assess climate-related risks and opportunities, set targets in line with Paris Climate Agreement and develop effective strategies to decarbonize our society. WHAT IS PCAF? The PCAF methodology has been continuously expanded and improved, and also applies to other types of loans and investments. Westpac Group Financed Emissions Methodology In 2021, Westpac undertook analysis with EY to estimate scope 3 emissions attributable to key lending portfolios. Download the proposed methodology GHG Protocol and PCAF launched the Global GHG Accounting and Reporting Standard for the Financial Industry in January 2021 as a response to industry demand for a global, standardized approach to measure and report financed emissions. The Partnership for Carbon Accounting Financials (PCAF) has launched a consultation on the first global carbon accounting standard, which offers financial institutions "a common set of robust carbon accounting methods to assess and track the emissions financed by loans and investments".. There are guidelines and industry alliances to help. The bank's goal is to reduce the amount of financed emissions (Scope 3) significantly by 2030. PCAF participants work together to jointly develop theGlobal GHG Accounting and Reporting Standard for the Financial Industryto measure and disclose the greenhouse gas emissions of their loans and investments. Spherics United Kingdom Private Spherics is an award winning carbon accounting software helping businesses reduce their carbon emissions and reach net zero fast. 320+ Financial institutions - $ 81 + Trillion in total assets. WASHINGTON, D.C. (March 18, 2021) - A new standard to help the financial industry measure and report financed greenhouse gas (GHG) emissions was launched at the end of 2020.The Global GHG Accounting and Reporting Standard for the Financial Industry was developed by the Partnership for Carbon Accounting Financials (PCAF) as a response to industry demand for a global, standardized approach to . At Amalgamated Bank, we are proud to be part of this transparent, credible and robust process to create the Standard.Ivan Frishberg, Chief Sustainability Officer, Amalgamated Bank. Clients should consult with an attorney, tax, or . The results, released last week in CTBC's 2020 Sustainability Report, detail the emissions financed . As a result of a Dutch Carbon Pledge, the financial institutions committed to transitioning to a low-carbon economy and assessing the climate related risks of their loans and investments, which was the first step in the initiatives implementation. The scope of the portfolio coverage for the initial PCAF disclosure is entirely up to your company. Le PCAF est un partenariat mondial d'institutions financires qui travaillent ensemble pour laborer et mettre en uvre une approche harmonise d'valuation et de divulgation des missions . Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue. These materials are for informational purposes only. Hired to provide sustainability solutions for Investors & Large Corporations in Guidehouse's Energy, Sustainability & Infrastructure segment. PCAF released the discussion paper on capital markets instruments for its initial public consultation in late 2021, mirroring the public consultation process held for the first edition of the PCAF Standard in 2020. In this context the Dutch Platform Carbon Accounting Financials (PCAF), a collaboration between Dutch financial institutions, has launched an initiative in 2015 to develop a methodology for the different types of asset classes within financial institutions. The greenhouse gas Accounting methods by North American market in 2018, Mizuho Bank its. 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