Since 2015, PCAF members (i.e. commercial banks, development banks, asset owners/managers, insurance companies, etc.) have been actively collaborating to develop and implement carbon accounting in their organizations.
All financial institutions have experienced great value in assessing and disclosing their GHG emissions of their loans and investments, as this triggers a institution-wide discussion on climate change and the role of the financial institution to facilitate the transition towards a low-carbon society.
Measuring the financed emissions of a portfolio is the foundation enabling financial institutions to perform scenario analysis, set targets, inform actions and disclose progress. These areas jointly are crucial for portfolio alignment and decarbonization.
PCAF developed a guidance to help financial institutions navigate through the cluster of climate initiatives and understand their purpose, focus, coverage and target audience. The guidance comes with an overview of climate initiatives, describing the status and the requirements to join them. Understanding this landscape will help financial institutions at different levels of progress to identify the most efficient support available to scale their climate efforts.
“Our experience in the Netherlands is that measuring and tracking climate impact drives concrete action and change. [...] PCAF helped us understand that our nearly 800,000 residential mortgages are one of the areas that have the highest carbon impact. With that knowledge, we now promote mortgages that incentivize customers to take energy efficiency measures. Climate action like that is not only good for business - but is a duty to our clients, the planet, and to future generations.”
Kees van Dijkhuizen, CEO ABN AMRO
The following financial institutions have committed and disclosed the greenhouse gas emissions associated with their portfolio of loans and investments.
|Institution||Headquarters||Region||Category||Total financial assets|
in million $US (lending and investments) in 2018
|ABN AMRO||Netherlands||Europe||Commercial bank||644,938||Disclosed||Mar, 2020|
|APG||Netherlands||Europe||Asset owner/managers||531,319||Disclosed||Jul, 2019|
|ASN Bank**||Netherlands||Europe||Commercial bank||13,336||Disclosed||Feb, 2019|
|Access Bank PLC||Nigeria||Africa||Commercial bank||19,000||Committed||June, 2020|
|Achmea Investment Management||Netherlands||Europe||Asset owner/managers||93,724||Disclosed||Sep, 2019|
|Actiam||Netherlands||Europe||Asset owner/managers||64,265||Disclosed||Mar, 2019|
|Alternative Bank Schweiz*||Switzerland||Europe||Commercial bank||2,407||Committed||Mar, 2019|
|Amalgamated bank*||United States||North America||Commercial bank||16,507||Committed||Mar, 2019|
|Argenta Bank- en Verzekeringsgroep nv||Belgium||Europe||Commercial bank||45,857||Committed||Oct, 2019|
|BNG bank||Netherlands||Europe||Commercial bank||157,523||Committed||May, 2019|
|BRAC Bank*||Bangladesh||Asia||Commercial bank||4,283||Committed||Mar, 2019|
|Banca Etica*||Italy||Europe||Commercial bank||2,946||Disclosed||June, 2020|
|Banco Bradesco S.A.||Brazil||Latin America||Commercial bank||598,000||Committed||June, 2020|
|Banco Pichincha||Ecuador||Latin America||Commercial bank||10,664||Committed||Aug, 2019|
|Banco Popular*||Honduras||Latin America||Commercial bank||110||Committed||May, 2020|
|BancoSol*||Bolivia||Latin America||Commercial bank||1,993||Committed||Mar, 2019|
|Bank Muamalat*||Malaysia||Asia||Commercial bank||5,349||Committed||Mar, 2020|
|Beneficial State Bank*||United States||North America||Commercial bank||1,011||Committed||Mar, 2019|
|Boston Common Asset Management||United States||North America||Asset owner/managers||2,700||Disclosed||Mar, 2019|
|Caisse d’économie solidaire Desjardins*||Canada||North America||Commercial bank||780||Committed||Oct, 2019|
|Clearwater Credit Union*||United States||North America||Commercial bank||524||Committed||Mar, 2019|
|Coastal Enterprises, Inc. (CEI)||United States||North America||Development bank||107||Committed||Sep, 2019|
|Cooperativa Abaco*||Peru||Latin America||Commercial bank||393||Committed||Mar, 2019|
|Cooperative Bank of Karditsa Coop.L.L.*||Greece||Europe||Commercial bank||115||Committed||Mar, 2019|
|Crédit Coopératif*||France||Europe||Commercial bank||31,836||Committed||Mar, 2019|
|Cultura Sparebank*||Norway||Europe||Commercial bank||123||Committed||Sep, 2019|
|Danske Bank A/S||Denmark||Europe||Commercial bank||799,600||Committed||May, 2020|
|De Volksbank||Netherlands||Europe||Commercial bank||69,819||Disclosed||Mar, 2019|
|ESAF Small Finance bank*||India||Asia||Commercial bank||725||Committed||Mar, 2019|
|Ecology Building Society*||United Kingdom||Europe||Commercial bank||226||Committed||Mar, 2019|
|Ekobanken*||Sweden||Europe||Commercial bank||108||Committed||Mar, 2019|
|FMO||Netherlands||Europe||Development bank||8,544||Committed||Nov, 2015|
|FirstRand Group Ltd.||South Africa||Africa||Financial services group||111,000||Committed||Jul, 2019|
|GLS Bank*||Germany||Europe||Commercial bank||7,778||Committed||Mar, 2019|
|Grupo Bancolombia||Colombia||Latin America||Commercial bank||67,000||Committed||June, 2020|
|Investec||South Africa||Africa||Investment bank||63,100||Committed||May, 2020|
|KBC Group||Belgium||Europe||Integrated bank-insurance group||325,116||Committed||Sep, 2019|
|KCB Bank Kenya Limited||Kenya||Africa||Commercial bank||7,013||Committed||Aug, 2019|
|LAPO Microfinance Bank Limited*||Nigeria||Africa||Commercial bank||189||Committed||Mar, 2019|
|Landsbankinn||Iceland||Europe||Commercial bank||14,689||Committed||Sep, 2019|
|MN||Netherlands||Europe||Asset owner/managers||148,921||Disclosed||May, 2019|
|MagNet Hungarian Community Bank*||Hungary||Europe||Commercial bank||419||Committed||Mar, 2019|
|Merkur Cooperative Bank*||Denmark||Europe||Commercial bank||555||Committed||Mar, 2019|
|NIBC Holding N.V.||Netherlands||Europe||Commercial bank||21,500||Committed||Oct, 2019|
|NMB Bank*||Nepal||Asia||Commercial bank||945||Committed||Mar, 2019|
|NWB||Netherlands||Europe||Promotional bank||95,900||Committed||Jan, 2019|
|Opportunity Bank Serbia*||Serbia||Europe||Commercial bank||146||Committed||Mar, 2019|
|Produbanco||Ecuador||Latin America||Commercial bank||4,769||Committed||Sep, 2019|
|Rabobank||Netherlands||Europe||Commercial bank||676,374||Committed||Nov, 2015|
|Robeco||Netherlands||Europe||Asset owner/managers||191,306||Committed||Nov, 2015|
|SAC Apoyo Integral, S.A.*||El Salvador||Latin America||Commercial bank||143||Committed||Mar, 2019|
|Self-Help Credit Union and Ventures Fund||United States||North America||Commercial bank||2,700||Committed||Sep, 2019|
|Stichting Pensioenfonds Metaal en Techniek (PMT)**||Netherlands||Europe||Asset owner/managers||90,719||Disclosed||May, 2019|
|Stichting Pensioenfonds van de Metalektro (PME)**||Netherlands||Europe||Asset owner/managers||55,857||Disclosed||Apr, 2019|
|Sunrise Banks*||United States||North America||Commercial bank||1,132||Committed||Mar, 2019|
|Triodos Bank*||Netherlands||Europe||Commercial bank||17,793||Disclosed||Mar, 2020|
|UmweltBank*||Germany||Europe||Commercial bank||4,235||Disclosed||Apr, 2019|
|VSECU*||United States||North America||Commercial bank||1,118||Committed||Mar, 2019|
|Van Lanschot Kempen||Netherlands||Europe||Asset owner/managers||92,789||Disclosed||May, 2019|
|Vancity*||Canada||North America||Commercial bank||27,249||Committed||Mar, 2019|
|Verity Credit Union*||United States||North America||Commercial bank||587||Committed||Mar, 2019|
|Vermont Community Loan Fund||United States||North America||Development bank||43||Committed||Nov, 2019|
|Visión Banco*||Paraguay||Latin America||Commercial bank||1,156||Committed||Mar, 2019|
|XacBank*||Mongolia||Asia||Commercial bank||1,174||Committed||Mar, 2019|
|Total 65 institutions||Total financial assets: $ 5.1 Trillion|
*) These banks are members of the Global Alliance for Banking Values (GABV) and have committed under their 3C Initiative to measure and disclose the carbon footprint of their loans and investments. Source: GABV (2019),Climate Change Commitment, 4 March.
**) PMT and PME are managed by MN. Therefore, the total financial assets of the group of institutions in the table do not count the assets of PMT and PME, as these are already counted in the assets of MN.
ASN bank is part of de Volksbank. Assets of ASN bank are not counted in the total.
Achmea Investment Management is aware of the important role that the investment community plays in combatting climate change and achieving the ambitious objectives of the energy transition. We accept our responsibility to engage with the companies that we invest in and are committed to support measures to enable clarity about the footprint of our investments. Our participation in PCAF has been a valuable opportunity to learn and at the same time be at the forefront of carbon footprinting for financial institutions.
Rogier Krens, CIO Achmea Investment Management
Please click in any asset class below to find out more about how financial institutions have measured the greenhouse gas emissions associated with the specific asset class.