PCAF and CDP collaborate closely to enable transparent disclosures allowing stakeholders to better understand the climate impact of financial institutions’ portfolios. CDP’s disclosure framework integrates The Global GHG Accounting and Reporting Standard for the Financial Industry into its Climate Change Questionnaire for Financial services, which asks for disclosure of Scope 3 portfolio emissions.
PCAF partners with RMI’s Center for Climate-Aligned Finance to advance the goal of enabling low-carbon transitions for key global industries. This collaborative engagement supports the development of sector-specific data to improve implementation of the Global GHG Accounting and Reporting Standard in banks, asset managers and asset owners; facilitate the engagement of financial institutions with their customers; and support programs that advance the quality of the data systems and approaches available for financial institutions to support effective measurement and alignment.
PCAF and CIBAFI partner to enable Islamic banks to measure and disclose the greenhouse emissions financed by loans and investments. Jointly, they are developing bespoke guidance for Islamic banks to build capacities in the measurement of financed emissions.
PCAF is partnering with CRREM and GRESB in 2021 to provide investors and banks with the guidance they need to measure and report on their financed emissions from real estate. This partnership is meant to help financial institutions formulate, set, and implement forward-looking targets in relation to their financed emissions.
The Green Climate Fund is an observer to the process of developing the Global GHG Accounting and Reporting Standard for the Financial Industry. PCAF proactively informs the Green Climate Fund and involves them in the development process of the Standard, giving them the opportunity to provide input and feedback.
PCAF is partnering with GRESB and CRREM in 2021 to provide investors and banks with the guidance they need to measure and report on their financed emissions from real estate. This partnership is meant to help financial institutions formulate, set, and implement forward-looking targets in relation to their financed emissions.
PCAF and JIM collaborate to improve financed emissions estimates in developing countries. By making the JIM available to PCAF participating banks, it can be used to fill the gap in GHG emissions data for corporate lending portfolios in developing countries when real data is lacking or incomplete.
PCAF and KoSIF have partnered to support financial institutions in South Korea to measure and disclose the financed emissions of their portfolios. The PCAF-KoSIF coalition is set to build capacities on PCAF standard implementation for the measurement of financed emissions in a Korean context.
PCAF and the Mongolian Sustainable Finance Association (MSFA) partner to enable MSFA and its members to advance their ambitions and decarbonize their investments in line with the Paris Agreement. MSFA aims to introduce PCAF standards in the financing activities of all 11 commercial banks, 10 major micro-finance institutions, asset managers, insurance companies, the Development Bank of Mongolia, and the Mongolia Mortgage corporation.
PCAF has partnered with NRDC China to enable Chinese financial institutions to measure and disclose the greenhouse gas emissions financed by their loans and investments. This collaboration aims to develop region-specific guidance for Chinese financial institutions.
PCAF is collaborating with the Paris Aligned Investment Initiative (PAII) to advance the development of PCAF’s GHG accounting methodology so that it can be used to effectively underpin the Net Zero Investment Framework (NZIF) going forward. The PAII already points to PCAF as the leading GHG accounting approach to underpin the NZIF.
The UN-convened Net-Zero Asset Owner Alliance (NZAOA) is represented on the PCAF Steering Committee by Nordea Life & Pension. The NZAOA is an international group of 37 institutional investors (as of 30 April 2021) with $5.7 trillion in assets under management delivering on a bold commitment to transition their investment portfolios to net-zero GHG emissions by 2050. The Alliance was initiated by Allianz, Caisse des Dépôts, La Caisse de dépôt et placement du Québec (CDPQ), Folksam Group, PensionDanmark, and SwissRe. Since then, Alecta, AMF, CalPERS, Nordea Life and Pension, Storebrand, and Zurich have joined as founding members. Aviva, AXA, CNP Assurances, David Rockefeller Fund, Fonds de Réserve pour les Retraites (FRR), Generali, the Church of England and more have joined the growing group.
PCAF and SBTi collaborate to enable financial institutions to align their lending and investment portfolios with the Paris Agreement’s mitigation goals. Financial institutions that decide to set science-based targets using the sector decarbonization approach (SDA) can use PCAF to measure their financed emissions for baselining and tracking of progress against targets.
PCAF and the Verein für Umweltmanagement und Nachhaltigkeit in Finanzinstituten e.V. (VfU) have partnered to roll out GHG portfolio accounting in the D/A/CH/Li (German-speaking) region of Europe. This collaboration supports financial institutions in Germany, Austria, Switzerland and Liechtenstein to measure and disclose their financed emissions.
PCAF developed an accredited partner program to meet the growing demand from financial institutions committing to use the PCAF Standard to measure and disclose emissions associated with their financial activities and the corresponding need to collaborate with third-party businesses supporting this activity. The accredited partner program is a collaboration between PCAF and the service providers to support consistent, comparable, and high-quality disclosures and is designed for consultancies, data providers, and software providers operating in this space. The model offers these service providers access to the PCAF Academy, the PCAF Database and Technical Assistance in the application of the PCAF Standard, along with other benefits.
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