Kathmandu, Sept 29. The Partnership for Carbon Accounting Financials (PCAF), an industry-led initiative to measure and disclose greenhouse gas emissions financed by loans and investments, has strengthened and expanded participation to work collaboratively with UN-convened, international alliance of institutional asset owner and separately,on-board a leading values-based Asian bank. As representatives of the Net Zero Asset Owner Alliance and Nepalese NMB Bank join the leadership of a movement of financial institution’s rapidly scaling up efforts to enable alignment with the Paris Climate Agreement.
PCAF has grown rapidly. From 50 financial institutions with over five trillion USD in assets at its global launch last September, the initiative is now home to 75 financial institutions with over 12 trillion USD in assets. Founded by pioneers of carbon accounting of financial assets, this bottom-up initiative has expanded its global reach and attracted large financial institutions more recently including: NatWest Group (UK, previously known as The Royal Bank of Scotland Group), Investec (South Africa), Banco Bradesco (Brazil), Grupo Bancolombia (Colombia), Access Bank (Nigeria), Morgan Stanley (US), Citi (US), Bank of America (US), NN Group (Netherlands), and Danske Bank (Denmark).
Extending PCAF’s Steering Committee allows it to build on its foundations in values-based banking, add a key representative from Asia and reinforce its global and diverse nature particularly from an institutional investors’ perspective.
PCAF is now collaborating with the Net Zero Asset Owner Alliance (AOA), added a representative of AOA to its Steering Committee, and welcomedNMB Bank from Nepal to its leadership. The Steering Committee, which does not anticipate expanding further,now consists of ABN AMRO, Amalgamated Bank, ASN Bank, Global Alliance for Banking on Values (GABV), Triodos Bank, Morgan Stanley, the Net Zero Asset Owner Alliance (represented by Nordea Life & Pension), and NMB Bank. Reflecting all types of financial institutions and a global presence, the full Steering Committee is excited to lead the further development of PCAF’s carbon accounting standard and to grow the initiative furtherin advance of COP26.
Sunil KC, Chief Executive Officer, NMB Bank, explains: “Keeping the global increase in temperature within safe limits is crucial for us all, but it’s particularly relevant in countries in Asia which are vulnerable to extreme weather events and rising sea levels. We are delighted to be part of a pioneering initiative that helps financial institution’s play their part in addressing one of the greatest challenges of our time.”