PCAF is supported by Guidehouse, a global consultancy firm specialized in energy, sustainability, risk, and compliance for the financial industry. Guidehouse serves as the Secretariat of PCAF, providing technical support to PCAF members in the development and implementation of the Global GHG Accounting and Reporting Standard for the Financial Industry. Throughout the development of this Standard, Guidehouse facilitates the PCAF Core Team’s work by moderating their technical discussions, reviewing the content, and compiling and editing the 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 Guidehouse.
Giel Linthorst is a director at Guidehouse, where he leads all activities in the field of sustainable finance. Over the past 10 years, Giel has supported various financial institutions on greenhouse gas (GHG) accounting of their loans and investments. Giel is the Executive Director of the PCAF Secretariat, facilitating the work of the PCAF Steering Committee and the PCAF Core Team.
Angélica Afanador is an associate director at Guidehouse and advises financial institutions on their transition to net-zero financed emissions by 2050. Angélica is the PCAF program manager, provides technical support to the PCAF Core Team and facilitates the PCAF activities in Europe and Latin America.
Jorge Martínez-Blat is a senior consultant at Guidehouse, where he supports financial institutions to measure and disclose their climate impact and guides them in understanding the complex ecosystem of climate finance policies, methodologies, and initiatives. Jorge leads PCAF activities pertaining to communications and climate policy and leads the Technical Assistance team of the PCAF Secretariat.
Cara Merusi is a senior consultant at Guidehouse, where she supports financial institutions and other large corporations understand their climate-related impacts, risks and opportunities. Cara leads PCAF activities in the United Kingdom, Africa and the Middle East.
Tiange Wei is a consultant at Guidehouse where she advises financial institutions and large corporates on decarbonisation and climate-related strategy. Tiange leads all regional PCAF activities in APAC and is a member of the technical assistance team.
Nicole Labutong is an associate director at Guidehouse where she supports large corporations in all stages of their climate journey, specializing in greenhouse gas accounting and target setting. Nicole leads PCAF activities in North America.
Chris Snyder is a director at Guidehouse and 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.
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, this is meant to trigger changes in banks’ and investors’ portfolios which align with the goals of the Paris Agreement.
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 more than $3.8 trillion into the fossil fuel sector. This is equivalent to more than $2bn for every 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 financial sector in facilitating the net zero carbon transition, the Partnership for Carbon Accounting Financials was created.
PCAF has set two objectives: (i) develop a global greenhouse gas (GHG) accounting standard making GHG accounting common practice within the financial sector; (ii) attract more than 250 financial institutions globally that assess and disclose the emissions associated with their loans and investments.
Building on the GHG accounting methodologies developed in the Netherlands and North America, a harmonized global GHG accounting standard for financial institutions was developed. The Standard covers various asset classes (such as mortgages, commercial real estate, business loans, listed equity and bonds, etc.) and is open-source and transparent.
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 GHG Accounting and Reporting Standard developed by PCAF is a foundation for various other initiatives, making PCAF complementary to existing climate initiatives.
Through GHG accounting, PCAF members become aware of their impact and are triggered to have 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 GHG 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, some PCAF members are already taking actions on their portfolios by developing dedicated financial products that incentivize clients to engage in low-carbon solutions.
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:
PCAF is organized by a steering committee comprised of representatives of: ABN AMRO, Amalgamated Bank, ASN Bank, Global Alliance for Banking on Values (GABV), Morgan Stanley, the Net-Zero Asset Owner Alliance (represented by Nordea Life & Pension), NMB Bank, and Triodos Bank.
PCAF is sponsored by the William and Flora Hewlett Foundation and the IKEA Foundation. Various other actors are endorsing and promoting PCAF within their regions or among their members.
No. Participation in PCAF, as well as the use of its methodologies, the data behind it, is open-access and free-of-charge. It 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.
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. More details on what is included in this free technical assistance are available here.
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