The Partnership for Carbon Accounting Financials (PCAF) is a collaboration between financial institutions worldwide to enable harmonized assessments and disclosures of greenhouse gas emissions financed by loans and investments. With more than 400 financial institutions from six continents, the group is rapidly expanding in North America, Latin America, Europe, Africa and Asia-Pacific.
Last year, NBIM launched its 2025 Climate action plan. The plan includes a commitment to push companies in its portfolio to align their activities with global net zero emissions in line with the Paris Agreement. NBIM will also expand its climate risk reporting at the portfolio level, building on leading international standards. It started aligning its reporting with the PCAF Standard in its 2022 TCFD report.
Christopher Wright, Head of ESG Risk Monitoring at Norges Bank Investment Management comments, “We are delighted to be part of this industry-led initiative. As financial institutions around the world continue to build an understanding of and report on their climate risk and opportunities, the standardization of climate risk accounting methodologies will prove invaluable. We look forward to collaborating with PCAF to further develop standards in this area over the coming years.”
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About Norges Bank Investment Management
NBIM manages assets worth over 12,000 billion kroner, or about 1,3 trillion dollars. The fund is the largest single owner in the world’s stock markets, owning almost 1.5 percent of all shares in the world’s listed companies. It is invested in international equity, fixed-income markets, real estate, and renewable energy infrastructure. The aim of the fund is to ensure responsible and long-term management of revenue from Norway’s oil and gas resources so that this wealth benefits both the current and future generations of Norway.
About the Partnership for Carbon Accounting Financials (PCAF)
The Partnership for Carbon Accounting Financials (PCAF) was launched globally in September 2019. Currently, more than 350 financial institutions have subscribed to the PCAF initiative. PCAF participants work together to jointly develop the Global GHG Accounting and Reporting Standard for the Financial Industry to measure and disclose the greenhouse gas emissions of their loans and investments. By doing so, PCAF participants take an important step to assess climate-related risks, set targets in line with the Paris Climate Agreement and develop effective strategies to decarbonize our society. For more information see https://carbonaccountingfinancials.com/