Utrecht, The Netherlands, 15 February 2022 - Financial institutions play a key role in transforming the European building stock towards net zero by 2050. To set out this journey and track the improvements needed, the estimation of greenhouse gas (GHG) emissions in the building portfolios is a prerequisite. Today’s launch of the PCAF European building emission factor database meets an urgent demand of the financial industry across Europe.
An accurate knowledge about the financed emissions of our mortgage and commercial real estate portfolios constitutes a main element to monitor our constant progress towards net-zero. Based on the results of precise calculations, we can take targeted actions to assist our real estate clients. This well-developed emission factor database can play a vital role in the emissions calculation process for any dedicated financial institution.
Niko Wiener, ESG expert, Erste Group Bank AG
The PCAF European building emission factor database is publicly available to all financial institutions and further interested stakeholders. It provides a specified set of emission factors for commercial real estate and mortgages for all countries in the European Union, as well as Norway, Switzerland, and the United Kingdom. Depending on the data availability, financial institutions can distinguish between European countries, residential and non-residential building types, and energy performance certificate (EPC) ratings to extract the specified emission or energy intensity per floor area or unit.
The PCAF project Financing towards net-zero buildings, funded by the Laudes Foundation, aims to provide clear guidance to financial institutions on how to accelerate the European building stock transition and leverage both public and private finance in the right direction. PCAF regards the European building emission factor database as a key tool for financial institutions on the journey towards net zero. In the next stages, financial institutions can meet disclosure rules, set targets, and prepare further actions. PCAF will develop further knowledge products throughout this year to support these processes and mobilize financial institutions across Europe to take action.
The launch of the PCAF European building emission factor database represents a crucial milestone of the PCAF project Financing towards net-zero buildings and enables financial institutions to measure and disclose the emissions of their European building portfolios. PCAF is glad to offer this publicly available database to any interested stakeholder.
Giel Linthorst, Executive Director, PCAF Secretariat & Director, Guidehouse
To continue the momentum of the database launch, PCAF will host a webinar to introduce the database, its added value, and key features to future users on Thursday, 10 March 2022 at 14:00 CET. Registration is open and can be accessed here. Any feedback on the database is greatly appreciated and can be shared via email@example.com
About the Partnership for Carbon Accounting Financials (PCAF)
The Partnership for Carbon Accounting Financials (PCAF) was launched globally in September 2019. Currently, more than 210 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 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/
About Financing towards net-zero buildings, a PCAF project
The PCAF project Financing towards net-zero buildings is funded by the Laudes Foundation. The project addresses the need to mobilize the financial industry to accelerate the transition of European buildings towards net zero by 2050. It provides clear guidance to financial institutions to stay on the required course and to report on the positive impact of their actions in a transparent, robust, and standardized way. Visit https://carbonaccountingfinancials.com/financing-towards-net-zero-buildings to learn more.
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