Beijing, China – 21 December 2023: The Partnership for Carbon Accounting Financials (PCAF) today announces a strategic partnership agreement with the Green Finance Forum of 60 (GF60), marking a commitment to harmonize greenhouse gas accounting methodologies for financial institutions in China.
This partnership aims to leverage PCAF’s global expertise to enhance the capability of domestic financial institutions to calculate the greenhouse gas emissions of their financial activities. Climate disclosure is a cornerstone of establishing a more sustainable financial system, enabling financial institutions to make informed decisions about their contribution to decarbonization. The new partnership underscores the importance of greenhouse gas emission accounting as the foundation for Chinese climate risk assessment and other environmental disclosures.
The announcement follows a recent seminar organized by GF60 and the Shanghai Jinsinan Institute of Finance in which the PCAF President, Ivan Frishberg and PCAF’s regional lead for APAC, Tiange Wei, attended to discuss the practical application of climate disclosure and the challenges in effectively measuring and accounting for corporate greenhouse gas emissions.
The seminar, entitled "Environmental Information Disclosure and Carbon Accounting for Financial Institutions", represented a significant milestone in China’s journey towards sustainable finance and provided a platform for global experts, financial institutions, and researchers to discuss the latest trends and challenges in environmental information disclosure and carbon accounting in the Chinese financial sector.
With this partnership, PCAF expands its on-the-ground presence across different Asian markets, including the Republic of Korea and Japan, with the aim of scaling up the adoption of the PCAF Standards. Globally, the industry-led initiative now has over 450 financial institutions across North America, Latin America, Europe, Africa, and Asia-Pacific committed to measuring and disclosing emissions following the PCAF Standard.
“We are delighted to announce this strategic partnership with GF60 to support the Chinese financial sector in implementing the PCAF standards. Collaboration between financial institutions and other stakeholders will improve the accuracy and quality of greenhouse gas disclosures, enabling the Chinese financial sector to make progress on its decarbonization journey”.
Angélica Afanador, Executive Director of PCAF
About Green Finance Forum of 60
GF60, an institute in the field of green finance and sustainability, is a non-profit international platform operated by the Shanghai Jinsinan Institute of Finance. GF60 aims to promote and disseminate sustainable finance practices and offers financial institutions a platform on which their professionals can acquire, exchange, generate and deepen sustainable finance knowledge and know-how in various formats.