The Partnership for Carbon Accounting Financials (PCAF) is a collaboration between financial institutions worldwide to enable harmonized assessments and disclosures of greenhouse gas emissions financed by loans and investments. With more than 270 financial institutions from six continents, the group is rapidly expanding in North America, Latin America, Europe, Africa and Asia-Pacific.
KLP, Norway’s biggest occupational pension fund, has already implemented an ambitious sustainability strategy, a Paris aligned roadmap to net zero emissions for the entire NOK900bn (€88bn) investment portfolio. Central principles to the roadmap are transparency about methodology and data, inclusion of all asset classes, and continuous adaptation to the best data and methods available. Joining PCAF gives access to vital high-quality climate data, and opens the door to extensive collaboration with the ever-growing mass of PCAF members.
“The collaborative force that investors with a net zero target and PCAF now represent, is key to achieving climate emission transparency, improved methods and standardization in the financial sector. This, in turn, is key for the financial sector to have real impact on climate change at a large scale. The methods PCAF are developing are fully aligned with KLP’s way of thinking,” says Heidi Finskas, Vice President of Sustainability at KLP.
About the Partnership for Carbon Accounting Financials (PCAF)
The Partnership for Carbon Accounting Financials (PCAF) was launched globally in September 2019. Currently, more than 270 financial institutions have subscribed to the PCAF initiative. PCAF participants work together to 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. By doing so, PCAF participants take an important step to assess climate-related risks, set targets in line with the Paris Climate Agreement and develop effective strategies to decarbonize our society.
For more information see https://carbonaccountingfinancials.com/