March 25, 2020 – ABN AMRO unveiled on March 11th the 2019 greenhouse gas emissions associated with the bank’s lending and investment portfolio. The report includes emissions financed by commercial real estate loans and residential mortgages, other corporate loans and emissions related to the investments of its clients. These asset classes represent around €341 billion of the bank’s portfolio.
ABN AMRO measured these emissions in accordance with the carbon accounting methods developed by the Partnership for Carbon Accounting Financials (PCAF). The emission disclosure is published on ABN AMRO’s Non-financial Data & Engagement report, which is part of the bank’s Integrated Annual Review 2019. The Non-financial Data & Engagement report addresses the information needs of ESG rating agencies/benchmarks, analysts and NGOs.
ABN AMRO started measuring and disclosing emissions using PCAF methods in 2017, aiming at having a better understanding of its portfolio climate impact and climate risks, as well as to identify business opportunities that could help finance the transition to a decarbonized economy.
ABN AMRO will use the 2019 reported financed emissions to prepare its TCFD and benchmark disclosures in 2020, as well as to steer its loans and investments. The bank will identify opportunities to offer innovative products that contribute to reduce GHG emissions and support the achievement of the Paris Agreement’s goals. For example, ABN AMRO aims to steer its €150 billion mortgage portfolio to an average energy efficiency label ‘A’ by 2030. To monitor the progress of this ambition, the bank will continue to use PCAF to measure and report the GHG emission reductions resulting from these actions.
About ABN AMRO
ABN AMRO is one of the Netherlands’ leading banks. It provides loans, mortgages and other banking services. It lends to companies and individuals. In doing so, it plays an important role in society. Through its lending, ABN AMRO supports economic growth and job creation. The bank is committed to accelerating the shift to a sustainable economy – by providing more sustainable financing, by working closely with clients and by building a bank fit for the future. ABN AMRO takes a responsible, long-term approach to doing business.
About the Partnership for Carbon Accounting Financials
In September 2019, the Partnership for Carbon Accounting Financials (PCAF) was launched globally. Currently, nearly 60 banks and investors have subscribed to the PCAF initiative. PCAF institutions work together to jointly develop the Global Carbon Accounting Standard for the financial industry to measure and disclose the greenhouse emissions of their loans and investments. By doing so, PCAF institutions take the first step required to assess climate-related risks, set targets in line with the Paris Climate Agreement and develop effective strategies to decarbonize our society. PCAF is organized by a Steering Committee comprised of representatives of ABN AMRO, Amalgamated Bank, ASN Bank, Global Alliance for Banking on Values (GABV) and Triodos Bank.