PCAF’s 2025 Standard Launch & What’s Next

PCAF Standard Launch Update:

As the global standard-setter for GHG accounting of Scope 3 Category 15 emissions, the Partnership for Carbon Accounting Financials (PCAF) leads the charge for an industry-led collaboration to continuously improve the ability of financial institutions to calculate GHG emissions associated with their financial activities. The collective of this work is known as the Greenhouse Gas Accounting and Reporting Standard for the Financial Industry (“PCAF Standard”).

Over the last two years, PCAF’s Core Team and industry-led Working Groups made up of PCAF Signatories, consisting of nearly 100 experts, worked together to update the Standard. The update includes various new methods and clearer guidance on financed emissions and insurance-associated emissions, making it easier to track emissions across more financial product types.

Members of PCAF’s Core Team, who worked on this new update, share their perspective:

• “As PCAF’s working group cochair for structured products, I’ve seen firsthand how complex financial instruments can challenge transparency in emissions reporting. Drawing on my experience at TCW, I worked closely with our team to develop a methodology that brings clarity and consistency to how emissions from securitizations and structured products are measured. It’s rewarding to know that our work will help financial institutions manage their climate impact more effectively and support the industry’s ongoing innovation.” -Malea Figgins, PCAF Working Group Chair for Securitizations and Structured Products and Director at TCW.
• “Serving as PCAF’s working group chair for project insurance, I was able to leverage my background at Allianz SE to help shape guidance that addresses the unique challenges of insurance-associated emissions. Collaborating with experts across the sector, we developed a method that enables can enable insurers to better understand and manage emissions from project-specific policies. This update is a meaningful step toward greater climate accountability and supports more informed decision-making across the insurance industry.” - Hannah Speakman, PCAF Working Group Chair for Project Insurance and Senior Sustainability Manager at Allianz SE.
• “PCAF’s updated standard now covers key fixed income segments including securitized products, sub-sovereign debt, and sustainable bonds. These enhancements boost transparency, align best practices, and help measure climate impact through avoided emissions and forward-looking indicators.” - Samuel Mary, PCAF Working Group Chair for Avoided Emissions and Forward-looking Metrics and ESG Research Analyst at PIMCO.

Technical Webinars + New Academy Modules:

After the launch webinar on 9 December 2025, PCAF hosted a series of technical webinars during January 2026, where industry experts provided a deep dive into the new methods and guidance. If you were unable to attend or would like to revisit the sessions, all recordings are available on the website. PCAF also launched new Academy modules on the new methods and guidance to provide structured training and upskilling opportunities to signatories and accredited partners.

PCAF Standard Development Next Steps:

PCAF is committed to meeting the financial industry’s needs for measuring GHG emissions, which is why PCAF is continuously developing new methodologies to broaden the scope of the Standard. PCAF is currently setting up a new Core Team—which signatories were invited to apply to—that will select the new methods for standard development based on signatory feedback. Once new areas of development have been confirmed, signatories will have the opportunity to participate in Working Groups to support the next cycle of Standard development. The diagram below outlines the major steps in PCAF’s Standard Development process (Figure 1).

Figure 1. PCAF Standard Development Phases

PCAF will provide updates on new Standard developments. If you have any questions about the updated Standard or the process of Standard development, please get in touch with PCAF: Contact.