Shenzhen, July 28, 2021 – The Partnership for Carbon Accounting Financials (PCAF), a global initiative of banks and investors to standardize the measurement and reporting of Greenhouse Gas (GHG) emissions, presented at the “Financed Emissions Measurement Methodology Workshop” facing Chinese financial stakeholders organized by CECEP Environmental Consulting Group (CECEP). CECEP Environmental Consulting Group is a state-owned consultancy established by China Energy Conservation and Environmental Protection Group and acts as the Secretariat of the Chinese Society for Environmental Sciences Climate Investment and Finance Association (CIFA).
Following China’s pledge to reach peak emissions by 2030 and carbon neutrality by 2060, there is increasing recognition from the Chinese financial sector of portfolio emissions disclosure as the basis for policy development, transition risk management, and capacity building for capturing green financial opportunities.
Under the guidance of officials from the Shenzhen Special Economic Zone and supported by the Energy Foundation, the workshop was organized to advance GHG accounting awareness in China and improve FI abilities in carrying out GHG measurement and disclosure. The event was attended both virtually and in person in Shenzhen by participants ranging from finance regulators, associations, domestic and international commercial banks, insurance companies, and other stakeholders.
The workshop was moderated by the Chinese Climate Investment and Finance Association (CIFA), Liao Yuan, with opening speeches from the research bureau of the People’s Bank of China and the Energy Foundation.
The PCAF Asia-Pacific Regional Lead, Tiange Wei, introduced PCAF and The Global GHG Accounting and Reporting Standard for the Financial Industry, touching on key practical considerations such as asset classes, scoping, and data quality. The discussion was complemented by subsequent presentations from PCAF members Triodos Bank and NatWest Group. Iris Hulsegg, the Senior Impact Controller at Group Financial and Impact Reporting at Triodos Bank NV, shared Triodos’ implementation of the PCAF methodology and discussed the continuous journey of data improvement. Supriya Sobti, Head of Regulatory Assurance at NatWest presented Natwest Group’s PCAF implementation with a focus on their approach to portfolio selection.
About the Partnership for Carbon Accounting Financials
The Partnership for Carbon Accounting Financials (PCAF) was launched globally in September 2019. Currently, more than 140 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/