UTRECHT, NETHERLANDS – 28 November 2022 – 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 by sharing their insights on implementing the accounting methods with other interested parties to encourage others to adopt GHG accounting as a positive step towards a low-carbon economy.
PCAF NL has published multiple reports over recent years, which ultimately led to the development of the first edition of the PCAF Global GHG Accounting and Reporting Standard for the Financial Industry (the Standard). This latest PCAF NL publication provides insights into how PCAF NL participants use the Standard, what they consider to be the key benefits of measuring and disclosing emissions associated with financial activities, and what they find to be the main challenges.
The group finds that measuring and disclosing emissions associated with financial activities using the PCAF Standard by the PCAF NL participants holds signgificant benefits and is used as the start of the Paris alignment value chain for financial institutions. Benefits include increased comparability amongst similar asset classes and to fulfil reporting requirements such as Pillar 3 as set forth by the European Banking Authority (EBA). 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.
The focus for the upcoming years lies in internal improvements for the financial institutions, collectively strengthening and improving PCAF, and further establishing PCAF’s position in the wider context of climate finance.
Currently, PCAF NL consists of 27 participants representing $3.8 trillion in total financial assets and continues to lead the implementation of GHG accounting methodologies and data improvements serving as thought leadership for the global financial industry.
About The Partnership for Carbon Accounting Financials (PCAF)
The Partnership for Carbon Accounting Financials (PCAF) was launched globally in September 2019. Currently, more than 300 financial institutions have subscribed to the PCAF initiative. PCAF signatories 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, investments, insurance liabilities and other financial products and services. By doing so, PCAF signatories 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.
Learn more at: https://carbonaccountingfinancials.com
***For more information, please contact:
Executive Director, PCAF
Program Manager & Latin America Team Lead, PCAF