Utrecht, Netherlands – 22 July 2026: The Partnership for Carbon Accounting Financials (PCAF) is pleased to announce seven initial priority topics for its upcoming standard development cycle. As a global industry-led initiative, PCAF is uniquely positioned to develop new greenhouse gas (GHG) methodologies that enhance transparency and accountability around the financial sector’s GHG emissions associated with financial activities.
This latest phase of development represents PCAF’s ongoing commitment to expanding and strengthening the scope of its Global GHG Accounting and Reporting Standard, enabling and supporting financial institutions to measure and disclose Scope 3 Category 15 emissions with greater consistency and rigor.
The global Core Team of PCAF leads the ongoing development of new GHG accounting standards for the financial industry. Appointed in March 2026, The Core Team comprises 15 PCAF signatory members representing a diverse range of geographies and institution types. The broad representation helps ensure that perspectives from different regions and financial sectors are incorporated throughout the standard development process, supporting the creation of practical and globally applicable methodologies.
The first task for the Core Team was to identify the priority areas for the 2026-2028 standard development cycle. These areas reflect PCAF’s ambition to ensure its GHG accounting methodologies continue to meet the diverse and evolving needs of the global financial sector. Through this work, PCAF aims to advance a more harmonized approach to measure and disclose GHG emissions across various financial products and asset classes.
Following a thorough prioritization process, the Core Team evaluated an extensive list of potential development topics as surveyed by PCAF signatories. Using criteria such as materiality, demand, impact, and complexity, the Core Team identified the following initial priority areas for further development in this cycle:
Furthermore, the Core Team will stand up an exploratory working group for Export Credit Agencies to explore the development of dedicated GHG accounting guidance under the PCAF Standard.
The Core Team will begin establishing working groups for each of the seven priority areas, Comprised of PCAF signatories from across the global financial sector, these working groups will lead the development of their respective topics over the coming months. Through this collaborative process, PCAF will draw on the expertise of its signatories to develop practical, robust, and globally applicable GHG accounting guidance.
Hetal Patel, Chair of the PCAF Global Core Team and Head of Sustainable Investment Research at Standard Life comments, “We are delighted to share PCAF's plans for this new cycle of standard development. PCAF’s work must continue to evolve – remaining grounded in technical rigor, practical applicability, and global relevance. These priority areas are based on a robust process to identify and prioritize the expanding needs of the financial sector for GHG methodologies.”
Angelica Afanador, Executive Director of PCAF adds, “PCAF is committed to empowering financial institutions worldwide to measure and disclose their financed, facilitated, and insurance-associated emissions. Developing new methods is integral to this commitment. I am grateful to all PCAF Signatories who participated in selecting the topics for the next development cycle - this list reflects their needs and priorities. I look forward to seeing the next group of practitioners collaborate on developing new methods and guidance.”
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About the Partnership for Carbon Accounting Financials
The Partnership for Carbon Accounting Financials was launched globally in September 2019. Currently, more than 760 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 a crucial step to subsequently assess climate-related risks, set climate targets, and develop effective strategies to decarbonize their portfolios.
