Mumbai, 4th September 2025 – The Partnership for Carbon Accounting (PCAF) has announced the launch of its new chapter in India. The initiative is a direct response following calls from the country’s financial institutions for clearer guidance on the measurement and disclosure of Scope 3 Category 15 emissions. As India moves towards more standardized reporting, PCAF’s new hub will play a key role in supporting the financial sector’s shift to a low-carbon economy.
PCAF India will be chaired by Jaicy Paul, Chief General Manager, ESG & Climate Finance Unit, State Bank of India and Deepak Kumar, Deputy General Manager, Head of ESG Cell, Union Bank of India, and vice-chaired by Sunil Parnami, Head of Financial and Investor Strategy and Sustainable Finance, YES BANK, and Radhika Shenoy, Head of Corporate Real Estate & Services (CRES) and ESG, IDFC FIRST Bank. The PCAF India chapter will deliver key assistance in the measurement and disclosure of financial institutions’ greenhouse (GHG) emissions. PCAF has 12 Indian signatories, including three of India's largest banks, which collectively hold financial assets of USD 1.5 trillion. PCAF has also welcomed 4 Indian accredited partners, which are leading sustainability consultancies and software providers, working to advance the disclosure of the emissions associated with financial activities. As part of the new hub, PCAF will support financial institutions in capacity-building programs tailored to Indian financial institutions, thereby supporting them in their GHG accounting journey to measure and disclosure emissions associated with financial activities.
“The launch of the PCAF India Chapter marks a transformative moment for India’s financial sector in its climate journey. As Chairs and Vice-Chairs, we are proud to represent the aspirations of a wide spectrum of financial institutions offering diverse financial instruments. This diversity reflects the complexity and opportunity of India’s financial ecosystem. Through the India Chapter, we aim to foster inclusive collaboration, build capacity, and enable institutions across the sector to measure and disclose financed emissions in alignment with global standards in a transparent manner. Together, we look forward to shaping a sustainable financial future for India and contributing meaningfully to the global net zero transition”
Ms Jaicy Paul (SBI), Mr Deepak Kumar (UBI), Mr Sunil Parnami (YES BANK), Ms Radhika Shenoy (IDFC FIRST Bank) Chairs and Vice-Chairs, PCAF India Chapter
The new PCAF hub comes at a critical moment of transformation within the Indian climate and financial ecosystem. Set to become the third-largest economy in the world by 2028, India is contributing to increased emissions due to its industrial expansion and significant dependence on non-renewable energy sources. Already the third-largest CO₂ emitter in the world, the country has committed to reaching net-zero emissions by 2070 and is making significant progress in shifting to renewable energy. The commitment to net-zero by 2070 places the Indian financial sector at the center of the climate transition and highlights the need for a unified standard for the financial services sector.
"The accelerated pace of financial institutions in India adopting the globally recognized Partnership for Carbon Accounting Financials (PCAF) framework is commendable. Their leadership in embedding transparency in carbon emissions reporting sets a strong precedent for driving India's transition to a low-carbon economy while building long-term resilience and trust among investors and stakeholders”
Prajna Khanna, PCAF Board Member
“India's financial industry is at a turning point with the increasing regulatory requirements for emissions reporting and the nation’s progression towards its net-zero goal. PCAF's long-term vision is to support Indian financial industry to progress on the climate transition, providing reliable, high-quality data and helping financial institutions understand the climate impact of all portfolio components. With the establishment of our India chapter, PCAF offers technical advice, standardized approaches and cooperative frameworks that incorporate both global best practices and local context”
Angélica Afanador, PCAF Executive Director
To commemorate the launch of the India chapter, PCAF is organizing a kick-off workshop with signatories and friends hosted by YES BANK.
“The launch of the PCAF India Chapter comes at a pivotal moment, as regulators and stakeholders seek deeper clarity on the environmental footprint of financial activities. A unified framework for carbon accounting will not only strengthen investor confidence, but also potentially steer policy dialogue and channel capital towards credible, low-carbon opportunities. YES BANK is honoured to support the India Chapter launch, which provides an important platform for dialogue and collective action within India’s financial community”
Mr. Niranjan Banodkar, Group Chief Financial Officer, YES BANK
The session takes place in Mumbai on 4th September and will focus on the needs and opportunities for Indian financial institutions on GHG accounting and disclosure.
Additionally, PCAF participated in a panel session about ‘Navigating climate finance in the Global South’ on 2nd September at the 2025 Global Sustainability Summit hosted by the Confederation of the Indian Industry (CII) in New Delhi, discussing India’s upcoming climate finance taxonomy and highlighting the need for clearer policy and regulatory measures to scale sustainable investments. PCAF and CII are developing a strategic partnership to harmonize GHG accounting methodologies for financial institutions in India, fostering collaborative efforts towards a unified approach.
Acknowledgements
PCAF would like to thank Sequoia Climate Fund, whose generous funding has enabled the launch of the PCAF India chapter. Their commitment to accelerating global climate action and empowering financial institutions to lead on emissions disclosure has been instrumental in establishing this new hub.
PCAF would like to thank YES BANK for hosting the launch workshop. As a leading Indian financial institution with a nationwide presence, YES BANK’s support has been instrumental in advancing the discussion on financed emissions in India. PCAF also remains grateful to the Confederation of Indian Industry (CII) for hosting the summit and providing a valuable platform for engagement with key stakeholders. We look forward to continued collaboration with YES BANK, CII, Indian signatories and the broader financial sector.
About PCAF
The Partnership for Carbon Accounting Financials (PCAF) is a global initiative of financial institutions committed to measuring and disclosing the greenhouse gas (GHG) emissions associated with financial activities. Financial institutions collaborate to improve GHG methodologies for the industry, forming a community focused on shared knowledge and action.
The GHG emissions of financial activities (Scope 3 category 15) are the largest portion of financial institutions’ overall emissions. Measuring these emissions is the first step to start managing them.
Established to promote a harmonized approach to accounting and disclosure, PCAF provides standardized methodologies that help financial institutions assess the GHG emissions associated with their portfolio of loans, investments, (re)insurance underwriting, and other financial products and services.
