Contact PCAF

PCAF is supported by Navigant, a global consultancy firm with a team specialized in carbon accounting for financials. Navigant serves as the Secretariat of PCAF and provides technical support to PCAF members in the development and implementation of the global carbon accounting standard.

If you have questions about PCAF that are not answered in the Frequently Asked Questions below, feel free to contact the following experts from Navigant.

Giel Linthorst, Executive Director

Giel Linthorst, Executive Director

+31 6 1136 6935

Giel Linthorst leads all Navigant activities in the field of sustainable finance. Over the past 10 years, Giel has supported various financial institutions on carbon accounting of their loans and investments. Giel facilitates the work of the PCAF Steering Committee and provides technical advise to PCAF’s core team.

Preeti Srivastav, Communications Director

Preeti Srivastav, Communications Director

+31 6 2118 1668

Preeti Srivastav works at Navigant as an advisor to senior leadership of corporate & financial sector on sustainability strategy & implementing climate action. Preeti facilitates the implementation of PCAF communications strategy and manages PCAF stakeholder and partner relationships.

Angélica Afanador, Climate Finance Expert

Angélica Afanador, Climate Finance Expert

+49 173 8903 404

Angélica Afanador works at Navigant advising financial institutions in assessing the climate impact of their loans and investments and setting targets that align their portfolios with the Paris Climate Agreement. Angélica provides technical support to the core team and regional teams of PCAF.

Chris Snyder, Climate Finance Expert

Chris Snyder, Climate Finance Expert

+1 647 228 9308

Chris Snyder leads the PCAF Secretariat for North America. He brings more than 25 years of experience in environmental management and sustainable finance. Chris works with financial institutions and other large corporations to assess, develop and implement sustainable strategies.


Frequently asked questions about PCAF

What is PCAF?

PCAF stands for Partnership for Carbon Accounting Financials. It is an international industry-led initiative to measure and disclose the greenhouse gas emissions financed by loans and investments. Ultimately, as a means to trigger changes in banks’ and investors’ portfolios that align with the goals of the Paris Agreement.

Why was PCAF created?

PCAF was created because a group of financial institutions, ranging from banks, insurance to asset owners and managers, realized their role was crucial in accelerating the transition to a decarbonized economy. Banks represent most of the available capital globally and since the Paris Climate Agreement the largest banks have still invested nearly $2 trillion into the fossil fuel sector. This is equivalent to $2.4bn for every working day since the end of 2015, with no downward trend and no assessment of the carbon impact of that finance. Given the scale of the climate challenge and the crucial role of the banking industry, and the financial sector in general, in facilitating the net zero carbon transition, the Partnership for Carbon Accounting Financials was created.

What are the objectives of PCAF?

PCAF has set two objectives: (i) develop a global carbon accounting standard making carbon accounting common practice within the financial sector; (ii) attract more than 100 financial institutions globally that assess and disclose the emissions associated with their loans and investments.

How will PCAF’s objectives be delivered?
  • Year 1: The global carbon accounting standard will be developed by a core team of 10-15 financial institutions. The Steering Committee and PCAF members start to attract more financial institutions to commit to assess and disclose the GHG emissions of their loans and investments.
  • Year 2: After proof of concept (i.e. clear examples of implementations in all regions),the global carbon accounting standard moves to an independent body (like CDP, WRI, IASB or CDSB) with central engagement in other climate finance realms.
  • Year 3: Continued growth (from year 1) of institutions committing to assess and disclose the GHG emissions of their loans and investments, reaching over 100 financial institutions by the end of 2021.
  • Year 1-3: Technical assistance in order to adapt the global standard to the regional context and to support all participating financial institutions to implement carbon accounting.
What are the main characteristics of PCAF global carbon accounting standard?

Building on the carbon accounting methodologies developed in the Netherlands and North America, a harmonized global carbon accounting standard for financial institutions will be developed. The standard covers all assets classes (like mortgage, real estate, business loans, listed equity etc.) and is open-source and transparent.

What are PCAF key benefits?

PCAF is an open-access, free-of-charge collaboration. As PCAF develops a global harmonized standard for the way financial institutions measure and disclose climate impact, specifically financed emissions as defined under the Greenhouse Gas Protocol, it becomes possible to act to reduce impact and align with global and national policy goals.

The carbon accounting standard developed by PCAF is a foundation for various other initiatives, making PCAF complementary to existing climate initiatives.

By carbon accounting, PCAF members become aware of their impact and are triggered to have tangible impact in the real economy.

How does PCAF make tangible impact in the real economy?

PCAF enables the financial industry to take meaningful, collective, and global action against climate change by creating open-source carbon accounting methodologies covering various asset classes.

At the end of 2018, PCAF members have measured the GHG emissions associated to these assets: a total of $1.2 trillion USD. Furthermore, already some PCAF members are taking actions on their portfolios by developing dedicated financial products that incentivize clients to engage in low-carbon solutions.

  • Example 1: To stimulate home owners to improve the energy efficiency of their house, Triodos Bank developed a dedicated financial product that offers a lower interest when the energy efficiency of the house is improved.
  • Example 2: ABN AMRO developed several tools in the past years to track CO2 emissions in real estate and to support clients in the transition to sustainability.
  • Example 3: Beneficial State Bank calculates the emissions from their consumer vehicle loans and incentivizes clients to purchase low emitting vehicles.
How is PCAF different or complementary to other climate finance initiatives?

PCAF is the only industry-led initiative in the market that enables financial institutions to assess and disclose greenhouse emissions of loans and investments through and open-source and transparent approach.

PCAF complements other climate initiatives addressing the financial sector, such as:

  • Task Force on Climate-related Financial Disclosures (TCFD): PCAF provides a framework for financial institutions to disclose their greenhouse gas emissions, which is one of the TCFD recommendations.
  • Paris Agreement Capital Transition Assessment (PACTA): PCAF complements PACTA by providing carbon accounting methods for a wider scope of financial assets (i.e. beyond equity and corporate bonds). The data used in PACTA’s tool is helpful for the implementation of PCAF’s approach for listed equity and corporate bonds.
  • Science Based Targets Initiative (SBTi): PCAF has developed carbon accounting methods for relevant asset classes and financial institutions can use them to calculate their current exposure of their portfolio, which is the first step to set SBTs.
  • UN Principles on Responsible Investing and Banking (PRI and PRB): PCAF fully aligns with PRI and PRB and helps investors and banks to fulfill the principles on transparency, accountability and disclosure.
Who manages PCAF?

PCAF is organized by a steering committee comprised of representatives of: ABN AMRO, Amalgamated Bank, ASN Bank, Global Alliance for Banking on Values (GABV) and Triodos Bank.

Which organizations support PCAF?

PCAF is sponsored by William and Flora Hewlett Foundation. Various other actors are endorsing and promoting PCAF within their regions or among their members.

Do financial institutions need to pay a fee to join PCAF?

No. Participation in PCAF, as well as the use of its methodologies, the data behind it, is open-access and free-of-charge, which will remain open-source and accessible to financial institutions of all sizes, on all continents, and loans and investments at every scale.

Supporting this diversity of institutions is central to PCAF’s efficacy as a contributor to global plans and policies for climate action.

What does it entail to join PCAF?

Financial institutions that join PCAF commit to assess and disclose the GHG emissions associated with their portfolio of loans and investments within a period of three years using jointly developed accounting methodologies. A commitment letter is available here.

Furthermore, financial institutions that join PCAF will obtain free technical assistance to start measuring emissions financed by loans and investments.  Details about the technical assistance are available here.