EFRAG and The Partnership for Carbon Accounting Financials (PCAF) are pleased to announce that EFRAG has joined the PCAF Engagement Group for Central Banks and Financial Regulators.
The PCAF Engagement Group serves as a dedicated forum to foster structured and ongoing dialogue, knowledge sharing, and collaboration between PCAF, central banks, financial regulators, and standard-setting bodies, with the aim of strengthening alignment and supporting the consistent implementation of accounting methodologies for emissions associated with financial activities
As Europe's technical adviser to the European Commission on sustainability reporting, EFRAG contributes to the development of the European Sustainability Reporting Standards (ESRS) and promotes high-quality sustainability reporting. Through its participation in the PCAF Engagement Group, EFRAG will further support efforts toward transparent, consistent, and comparable climate-related disclosures, and reinforce linkages between reporting frameworks and GHG accounting practices.
Chiara Del Prete, Chair of the EFRAG Sustainability Reporting Technical Expert Group (EFRAG SR TEG), said: "We are delighted to join the PCAF Engagement Group and contribute EFRAG's expertise in sustainability reporting. Collaboration between standard setters, regulators and market participants is essential to promote transparent, consistent and decision-useful climate-related information. We look forward to working with PCAF and the Engagement Group members to strengthen the alignment between sustainability reporting and greenhouse gas accounting methodologies."
Angelica Afanador, Executive Director of PCAF, said:
“We are pleased to welcome EFRAG to the PCAF Engagement Group. EFRAG's leadership in shaping sustainability reporting standards and advising on their implementation makes it a particularly important addition to the PCAF community. As financial institutions increasingly seek consistency between reporting requirements and greenhouse gas accounting methodologies, collaboration between standard setters, regulators, and practitioners is more important than ever. EFRAG's participation will help advance a shared understanding of measuring emissions associated with financial activities and support greater alignment across the sustainable finance ecosystem.”
About EFRAG
EFRAG is a private association established in 2001 with the encouragement of the European Commission to serve the public interest. EFRAG extended its mission in 2022 following the new role assigned to EFRAG in the CSRD, providing Technical Advice to the European Commission in the form of draft European Sustainability Reporting Standards and/or draft amendments to these Standards. Its Member Organisations are European Stakeholders Organisations, National Organisations and Civil Society Organisations. EFRAG’s activities are organised in two pillars:
About PCAF
The Partnership for Carbon Accounting Financials was launched globally in September 2019. Currently, more than 750 financial institutions have subscribed to the PCAF initiative. PCAF signatories work together to jointly develop the Global GHG Accounting and Reporting Standard for the Financial Industry to measure and disclose the greenhouse gas emissions associated with their financial activities. By doing so, PCAF signatories take an important step to subsequently assess climate-related risks, set climate targets, and develop effective strategies to decarbonize their portfolios.
