The discussion paper explains the key choices necessary to develop guidelines for facilitated emissions and describes the complex challenges around making those choices. In accordance with PCAFs Data Quality Scoring system, CDP will enhance its annual quality-assessed dataset for modelled GHG emissions by conducting a data quality assessment for the emissions metrics included in the dataset. GielLinthorst Executive Director, PCAFSecretariatinfo@carbonaccountingfinancials.com, AnglicaAfanador ProgramManager, PCAFSecretariatinfo@carbonaccountingfinancials.com. The methodology is being launched as the global financial industry is increasing its focus on climate change impacts and as shareholders, regulators and stakeholders are pressuring the sector to take a more proactive role in supporting solutions in partnership with governments and civil society. capital markets facilitated emissions methodology. 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. 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. PCAF seeks feedback from all stakeholders, including financial institutions, regulators, policy makers, supervisors, data providers, consultants, and NGOs. 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). The bank's goal is to reduce the amount of financed emissions (Scope 3) significantly by 2030. Your company can join a regional team or the PCAF core team developing the Global GHG Accounting and Reporting Standard. 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. PCAF is supported by Guidehouse, a global consultancy firm specialized in energy, sustainability, risk, and compliance for the financial industry. At the same time, financial institutions have a significant opportunity, as trillions in capital will be required in the shift towards a low-carbon economy. 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. The draft methods and the discussion paper are open for public consultation from today until 17 December 2021. Thereafter, your institution will appear as Committed on the. The results, released last week in CTBC's 2020 Sustainability Report, detail the emissions financed . Over the past 12 months, 16 financial institutions have teamed up to create the PCAF Standard: ABN AMRO (Netherlands),Access Bank (Nigeria),Amalgamated Bank (United States),Banco Pichincha (Ecuador),Bank of America (United States),Boston Common Asset Management (United States),Crdit Coopratif and its subsidiary Ecofi (France),FirstRand Ltd. (South Africa),FMO (Netherlands),KCB (Kenya),Landsbankinn (Iceland),Morgan Stanley (United States),Produbanco (Ecuador),Robeco (Netherlands),Triodos Bank (Netherlands),and Visin Banco (Paraguay). The methodology provides a suggested GHG accounting approach for the facilitation of capital markets activities. The said integration of the CDP framework and the, enables companies and organizations to have robust and clear guidelines to. after sending an email to info@carbonaccountingfinancials.com confirming your commitment. During a virtual event, the Partnership for Carbon Accounting Financials (PCAF) launched today a public consultation on two reports: (i) Draft GHG accounting methods for green bonds, sovereign bonds, and emissions removals; and (ii) Discussion paper on capital market instruments. " 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. 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. 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. made its first foray into the North American market in 2018. It explains the key choices necessary to develop guidelines for facilitated emissions and describes the complex challenges around making those choices. In November 2020, PCAF published the Global GHG . Learn about the PCAFs goals, scope, and implementation strategies, and how your institution can participate and reap the benefits of this collaboration. Download and review PCAFs draft new methods. 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 . The PCAF Standard provides methods to measure financed emissions of six asset classes: listed equity and corporate bonds, business loans and unlisted equity, project finance, commercial real estate, mortgages and motor vehicle loans. Engaged in topics spanning sustainable finance, greenhouse gas accounting, and climate risk. If you opt out, though, you may still receive generic advertising. 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 . This standard, the. 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 and CDP will also collaborate to create and deliver workshops, reports, and case studies for their respective networks of financial institutions. New asset classes have been added to the methodology and new tools are available for the growing number of financial . Madrid, Spain - 11 December 2019 - In their latest report, presented today at the climate summit in Madrid, 17 Dutch financial institutions show the progress that has been made with the carbon accounting method of the Partnership for Carbon Accounting Financials (PCAF). After having spent three fantastic years on the Sustainable Corporate Solutions team with Sustainalytics and developing my career in the world of sustainable | 20 comments on LinkedIn 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). PACTA versus PCAF. After eight months of intensive collaboration, the Working Group has developed a final proposed methodology for the measurement and disclosure of facilitated emissions. Partnership for Carbon Accounting Financials methodology used to measure financed emissions. 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. Currently, more than 170 banks and investors have subscribed to the PCAF initiative. This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation, offer or solicitation for the purchase or sale of any security, financial instrument, or strategy. The PCAF Standard is a response to the growing worldwide recognition that financial institutions play a key role in shaping the future of our planet by (1) setting climate targets for loan and investment activities and (2) reallocating resources to support renewable energy transformation. 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. 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. It currently has more than 250 members. These emissions fall under scope 3, category 15, and are often called financed emissions. How can UK-China collaboration in Green Finance help catalyse Net Zero targets? Bank of America does not assume liability for any loss or damage resulting from anyone's reliance on the information provided. In the paper, PCAF presents the next steps for developing and publishing a GHG accounting methodology for capital markets activities in 2022. AboutThe Partnership for Carbon Accounting Financials (PCAF). Touch device users, explore by touch or with swipe gestures. These materials are for informational purposes only. BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. 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. It facilitates the development and implementation of harmonized approaches to ensure transparency and accountability of the financial industry towards the Paris Climate Agreement. PCAF GHG accounting. Certain links may direct you away from Bank of America to an unaffiliated site. The PCAF methodology has been continuously expanded and improved, and also applies to other types of loans and investments. Disclosure is a first step toward Vancity's 2040 net-zero target. If you prefer that we not use this information, you can opt out of online behavioral advertising. It facilitates the development and implementation of harmonized approaches to ensure transparency and accountability of the financial industry towards the Paris Climate Agreement. As mentioned earlier, PCAF operates in Africa, Asia-Pacific, Europe, Latin America, and North America. The Global GHG Accounting and Reporting Standard is available at:https://carbonaccountingfinancials.com/standard. Investment products offered through MLPF&S and insurance and annuity products offered through MLLA: "Bank of America" is the marketing name for the global banking and global markets business of Bank of America Corporation. Spherics United Kingdom Private Spherics is an award winning carbon accounting software helping businesses reduce their carbon emissions and reach net zero fast. July 29, 2020 at 1:20 PM Eastern The Partnership for Carbon Accounting Financials (PCAF) announced today that Bank of America has joined its initiative to develop a common framework to assess financed emissions. Partnership Accounting will sometimes glitch and take you a long time to try different solutions. It explains the key choices necessary to develop guidelines for facilitated emissions and describes the complex challenges around making those choices. The launch of this first ever global standard is a key milestone. The organisation first published its Global GHG Accounting and Reporting Standard for the Financial Industry in November 2020. Challenge. In accordance with PCAFs Data Quality Scoring system, CDP will enhance its annual quality-assessed dataset for modelled GHG emissions by conducting a data quality assessment for the emissions metrics included in the dataset. Download the proposed methodology 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. #PCAF has launched a discussion paper highlighting the importance of capital markets in facilitating the climate transition. Press contact Ed Grattan Senior PR & Communications Manager Send an e-mail +44 7817 413792 Driving the partnership is an awareness that shareholders are increasingly advocating for a healthy environment. The . Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. The general PCAF approach contains three main steps: emission scopes covered, attribution of emissions, and equation and data required for calculating financed emissions. THE PROJECT 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). 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. Berlin, Germany. Partnership for Carbon Accounting Financials (PCAF), is an international collaboration of various companies and firms in the, . Bank of America Coronavirus Resource Center, How we help people, companies and institutions realize their financial goals. 322 financial institutions are already taking action. Not only was the collaboration among financial institutions effective, but also the engagement with all stakeholders throughout the year, including the public consultation. 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. 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. 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 DEEP Supply platform calculates GHG emissions (Greenhouse Gases) from company suppliers, producing a scope 3 carbon inventory, in accordance with the GHG Protocol methodology, in an agile way, through data from standard accounting files already generated annually. The Partnership for Carbon Accounting Financials (PCAF) is an international collaboration of various companies and firms in the financial sector. intensity methodology Temperature analysis Investigate a portfolio from . The potential to track every dollars emissions, you can opt out of online behavioral advertising. After doing so, your institution will be marked as Disclosed on PCAFs Financial Institutions Taking Action. Because the financial services sector is critical to new development across all industries, its loans and investments have the potential to contribute to carbon emissions through client activities, such as a real estate development project, capital loan to fund a small businesss payroll, or the construction of a commercial property. Statistics and metrics included in our ESG documents are estimates and may be based on assumptions or developing standards. 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