PCAF Launches Engagement Group for Central Banks and Financial Regulators

In response to a growing mutual interest in closer cooperation to strengthen alignment, the Partnership for Carbon Accounting Financials (PCAF) announces the launch of the PCAF Engagement Group for Central Banks and Financial Regulators: a new format designed to foster dialogue with central banks and financial regulators worldwide.

Central banks and financial regulators uphold the stability, integrity, and security of the financial systems. As climate-related risks—physical, transition, and liability—continue to grow in scale and complexity, central banks and financial regulators are positioned to act as catalysts for change. By encouraging and facilitating climate-related financial disclosures, central banks and regulators can help manage risks and support the transition efforts.

With a strong emphasis on knowledge sharing, the newly established PCAF Engagement Group is designed to serve as a dedicated channel for ongoing communication between PCAF, central banks, and regulators. The PCAF Engagement Group will pursue the following objectives:

• Share knowledge: Inform central banks and other financial regulators on the processes and progress of the PCAF Standard developments and its associated resources.
• Strengthen harmonization: Support the consistent implementation of PCAF GHG accounting methodologies and foster uniformity in the disclosures.
• Raise awareness: Serve as a source of guidance on the PCAF Standard to ensure a global harmonized understanding of the body of work created by PCAF.

The PCAF Engagement Group provides an opportunity for central banks and financial regulators to collaborate with PCAF, in particular to receive progress updates and direct input from PCAF, acquire technical support and access to the PCAF Academy as well as the PCAF database, and join communication and collaboration efforts.

“Central banks and financial regulators are catalysts for transforming sustainable finance. At PCAF, we view structured dialogue with them as mission-critical. Through our Engagement Group, we deliver timely insights on the latest developments in sustainable finance and offer access to global workshops and events, while our experts actively support their capacity-building initiatives. We invite central banks and financial regulators to join us in building this community of practice.”

Angélica Afanador, Executive Director of PCAF

“As Canada’s prudential regulator, OSFI is proud to be a member of the PCAF Engagement Group. OSFI’s Guideline B-15: Climate Risk Management and Climate Risk Returns include the expectation that Canadian financial institutions use PCAF’s Global GHG Accounting and Reporting Standard. We applaud PCAF’s leadership in developing this engagement group, whose collaborative efforts can enhance global alignment and advance climate risk measurement.”

Peter Routledge, Superintendent of Financial Institutions

“PCAF’s Engagement Group offers a much-needed platform for financial regulators to liaise on this evolving area to share lessons learnt and minimize duplication of effort. It also offers a convenient segue to capacity building, which is an imperative for both supervisors and regulated firms. We look forward to robust growth and diversity in the Engagement Group’s membership.”

Farah Al Muftah, Managing Director, Policy, Legal and Enforcement, Qatar Financial Centre Regulatory Authority

For further information on how to participate or to express interest in joining the Engagement Group, please contact PCAF via info@carbonaccountingfinancials.com