Amsterdam, 5 July 2021 – Charity Bank, a member of the Global Alliance for Banking on Values, joined the Partnership for Carbon Accounting Financials (PCAF) earlier this month, in line with its Climate Change Commitment to measure and reduce greenhouse gas emissions. TheClimate Change Commitment,or 3C, an initiative launched in 2019 by the
The 3C signaled that values-based banks from very different parts of the world believed the PCAF methodology could be applied to their business. It helped to contribute to a systemic change in the banking sector and a rapid expansion of PCAF around the world.
What is PCAF?
The Partnership for Carbon Accounting Financials was established in 2015 by mainly European financial institutions. Since then, more financial institutions have joined forces to develop and implement open-source methodologies to measure the greenhouse gas (GHG) emissions of all asset classes within their loan and investment portfolios.
PCAF provides its members with the industry-standard methodology to measure the emissions related to their lending activities. Working with PCAF helps financial institutions set science-based targets and align their portfolios with the Paris Climate Agreement. As of July 2021, PCAF consists of more than 130 financial institutions in over 40 countries, out of which 30 are GABV member banks.
The GABV has contributed to globalizing PCAF. It is a constituent member of the PCAF initiative and sits on the Steering Committee. In addition, GABV members are active in the working groups coordinated by the PCAF Secretariat to develop and/or adapt existing carbon accounting methodologies for global application.
About Charity Bank
Charity Bank is the loans and savings bank owned by and committed to supporting the social sector. Since 2002, we have used our savers’ money to make more than 1,000 loans totalling over £350m to housing, education, social care, community and other social purpose organisations. Charity Bank belongs to the Global Alliance for Banking on Values (GABV), a non-profit network of the most progressive and sustainable banks in the world. The GABV is a constituent member of the PCAF initiative and sits on the Steering Committee.
About the Partnership for Carbon Accounting Financials (PCAF)
In September 2019, the Partnership for Carbon Accounting Financials (PCAF) was launched globally. Currently, more than 130 banks and investors 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 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/