Utrecht, 3 December 2024: The Partnership for Carbon Accounting Financials (PCAF) is calling on signatories, industry experts, and all relevant parties to participate in a public consultation on its newly developed methods for measuring and reporting the greenhouse gas (GHG) emissions associated with financial activities. This consultation will run from today until 28 February 2025.
The methods presented in this consultation were developed by industry-led working groups made up of PCAF signatories – numbering almost 100 experts – and facilitated by the PCAF Core Team over eight months since the start of 2024.
As part of the consultation process, PCAF presents two documents. The first introduces a combination of new methods and guidance for measuring financed emissions that either fall under – or support – Part A of the Global GHG Accounting and Reporting Standard, including:
The second document presents methods for two new lines of business under Part C of the Global GHG Accounting and Reporting Standard: project insurance and treaty reinsurance, expanding emissions measurement capabilities within the international insurance sector.
This public consultation seeks feedback from all relevant stakeholders to refine these methods. Feedback received during this consultation will inform the final methodologies, ensuring their applicability and effectiveness within the wider financial landscape.
PCAF’s continuous development of new methodologies to broaden the scope of the Global GHG Accounting and Reporting Standard reflects its commitment to meeting the rapidly changing needs of the international financial sector, as it works towards climate targets that require increased accountability and transparency. This public consultation invites stakeholders to play an active role in shaping the methods that will enable financial institutions to more accurately account for, and report on, financed and insurance-associated emissions.
PCAF invites all stakeholders to participate in the consultation process via the links below. We strongly encourage responses to be submitted via the form but if you are unable to submit answers via the link, we will accept them by email to info@carbonaccountingfinancials.com.
“As the need for greater transparency and accountability in climate reporting grows, PCAF remains committed to continuously expanding the Standard to provide the international financial sector with increasingly robust tools for emissions measurement.”
Hetal Patel, Chair of the PCAF global Core Team and Head of Climate Investment Risk at Phoenix Group
“This consultation is the culmination of eight months’ dedicated efforts by the working groups addressing the respective areas for methodology development identified by PCAF’s 530+ signatories a year ago. It represents an important step forward in refining global standards that promote credible and consistent data reporting across the financial sector. We invite all stakeholders to contribute their insights so that we can continue to strengthen our capacity to collectively drive impactful, sustainable change. Your input will be instrumental in refining PCAF’s methods and ensuring they are aligned with the changing needs of our community and sector.”
Caspar Noach, Technical Director of PCAF
For more information on the consultation process, please contact the PCAF team via info@carbonaccountingfinancials.com.
