29 May 2025 – The Partnership for Carbon Accounting Financials (PCAF) today announces that it has surpassed 600 signatories globally, a major milestone that emphasizes the financial sector’s commitment to standardized accounting and disclosure of greenhouse gas (GHG) emissions associated with financial activities.
PCAF is a global, industry-led initiative of financial institutions, dedicated to building a community that fosters knowledge-sharing and partnerships to drive meaningful, scalable action. It also enables to connect financial institutions worldwide to improve GHG transparency. Signatories to PCAF benefit from a comprehensive package of support, including access to an extensive emissions factor database, tailored technical assistance, and education through the PCAF Academy.
Alongside the growing signatory base, PCAF has made significant progress in expanding its Standard, driving regional and cross-regional collaboration, and welcoming new organizations through its Accredited Partner program.
Enhancing the Standard
PCAF’s continuous development of new methodologies to broaden the scope of the Global GHG Accounting and Reporting Standard reflects its commitment to meeting the rapidly changing needs of its community of international financial institutions.
In December 2024, PCAF announced a public consultation on its newly developed methods for measuring and reporting GHG emissions associated with financial activities. Signatories, industry experts, and all relevant parties were invited to participate. The methods presented in the consultation were developed by industry-led working groups made up of PCAF signatories – numbering almost 100 experts – and facilitated by the PCAF Core Team over eight months since the start of 2024. The consultation closed at the end of February, and the PCAF Secretariat is currently in the process of reviewing feedback with a view to integrating responses into the Standard by the end of the year.
Regional growth
Over the past six months, PCAF has seen marked growth in its community across several key regions and officially launched its new, sixth region – PCAF Middle East and North Africa (MENA). This expansion represents a strategic effort to serve the growing number of financial institutions in the MENA region seeking to align with international best practices for emissions disclosure. In addition to the growing momentum in the MENA region, PCAF has also made significant strides in Brazil, the most recent national chapter, which launched last year. The chapter focuses on applying PCAF’s methodologies in the Brazilian context, sharing best practices through peer-to-peer learnings and bridging international collaboration with other PCAF regional teams. Furthermore, it has recently established a dedicated Regional Data Working Group, which aims to create a collaborative network of PCAF signatories focused on improving regional data quality and accessibility, as well as sharing knowledge around using data for PCAF GHG accounting in Brazil.
In Asia-Pacific, PCAF continues to strengthen its regional engagement. In Japan, it released an official translation of the Standard, reflecting PCAF’s commitment to ensuring that its guidelines are not only technically rigorous but also regionally relevant and inclusive. In India, PCAF’s presence has continued to increase from two signatories last year to 12 in 2025, amidst the growing regulatory momentum and deepening commitment to transitioning towards a more sustainable and resilient economy.
Progress of the Accredited Partner program
PCAF has also experienced significant growth via its accredited partner program. Created to meet the growing demand from financial institutions committed to using the PCAF Standard to support consistent, comparable, and high-quality disclosures, it is designed for consultancies, data, and software providers.
PCAF currently has five global and 13 regional accredited partners.
Cross-regional working groups
Cross-regional collaboration across financial institutions is vital to PCAF’s community growth and to strengthening the global adoption of GHG emissions accounting in the financial industry.
The 2024 year-end survey showed that signatories share a strong interest in working together across regions. In response to this, PCAF is piloting two Cross-Regional Working Groups for Agriculture and Small to Medium Enterprise (SME) customers—two of the most requested topics. The main aim of these working groups is to develop practical outputs to address common areas of focus and support financial institutions’ SME customers and investees in providing better GHG emissions data.
“Becoming a signatory presents an opportunity to build and collaborate with a community focused on sharing knowledge and embedding GHG accounting into regular financial reporting processes. Reaching 600 signatories is a testament to the power of inclusive growth, with institutions of all types and from every region joining the movement.”
Angélica Afanador, Executive Director at PCAF.
ENDS
About the Partnership for Carbon Accounting Financials
The Partnership for Carbon Accounting Financials (PCAF) was launched globally in September 2019. Currently, more than 600 financial institutions 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 financial activities.
