Utrecht, The Netherlands, 26 October 2021 – Today, PCAF Netherlands (PCAF NL) published its latest report, "Updates from implementing the greenhouse gas (GHG) accounting for the financial sector in the Netherlands". Led by the PCAF Secretariat, the group’s participants supported the development of the latest report which aims to (1) inform the global PCAF community on the group’s developments as the founders of the initiative, (2) attract new Dutch signatories to PCAF, and (3) enable discussions with stakeholders, such as the Dutch governement.
PCAF NL has published multiple reports over recent years, which ultimately led to the development of the PCAF Global GHG Accounting and Reporting Standard for the Financial Industry (the Standard). This latest PCAF NL publication provides initial insights into how PCAF NL signatories use the Standard, what they consider to be the key benefits of measuring and disclosing financed emissions, and what they find to be the main challenges.
The group finds that harmonized and transparent measurement, as well as disclosure of financed emissions, helps financial institutions to fulfill their commitment to the Dutch Climate Accord. Using the PCAF Standard serves as a first step in achieving net-zero emissions by 2050. The report also highlights how measuring and disclosing financed emissions with the PCAF Standard supports risk assessment, stakeholder engagement, and new product development.
Main challenges discussed in the report are the measurement of Scope 3 emissions, the alignment of reported and actual emissions, and the lack of availability of energy usage data on the individual property level.
As PCAF NL as a group has made significant progress on their journey of measuring and disclosing financed emissions, this report helps to understand the benefits and challenges from the perspective of experienced practitioners who are implementing the PCAF methodology.
“In November 2020, the first version of a global standard for measuring and disclosing financed emissions was launched. As this was a truly global effort, a natural transition occurred from a focus on the Dutch context to the global context. To reflect these developments, this report focuses on demonstrating the Dutch application and disclosures to inspire other financial institutions during their GHG accounting journey,” says Tjeerd Krumpelman, Global Head of Advisory, Reporting & Engagement at ABN AMRO, chairman of PCAF Netherlands & PCAF Europe, participant in global PCAF SteerCo.
“The latest PCAF NL report demonstrates the benefits and challenges Dutch financial institutions that committed to PCAF experience. With increasing maturity, it underlines the need for accurate data to provide accurate insights into financed emissions. We welcome financial institutions that are not part of PCAF yet, PCAF members in other parts of the world, and other interested parties to read the report to understand the Dutch perspective on PCAF,“ says Bart van Lunteren, PCAF NL Regional Lead.
Media Inquiries please contact:
Angélica Afanador, Program Manager, PCAF Secretariat, E: email@example.com
About PCAF Netherlands
Together, the 23 PCAF NL participants represent $3.3 trillion in total financial assets who collectively continuou to further develop the Standard in several working groups. The PCAF NL participants are ABN AMRO, Achmea Bank, Achmea Investment Management, ACTIAM, APG, ASN Bank, a.s.r., BNG Bank, bunq, Cardano, FMO, Invest-NL, MN, NIBC Holding, NN Group, de Nederlandse Waterschapsbank, PME Pensioenfonds, PMT Pensioenfonds, Rabobank, RNHB, Robeco, Triodos Bank, Van Lanschot Kempen, and de Volksbank.
About the Partnership for Carbon Accounting Financials (PCAF)
The Partnership for Carbon Accounting Financials (PCAF) was launched globally in September 2019. Currently, more than 160 banks and investors 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/