DALLAS, Aug. 31, 2020 - Comerica announced it has joined the Partnership for Carbon Accounting Financials (PCAF). An industry-led partnership, PCAF is working to facilitate a consistent and transparent approach to assess and disclose greenhouse gas (GHG) emissions associated with loans and investments in the financial services industry. With its membership, Comerica joins a network of more than 70 global banks working to establish a common carbon accounting framework.
"By joining PCAF, we can work to better understand the carbon footprint of our portfolios and how we can work with our customers to limit the impacts of climate change," said Scott Beckerman, Director of Corporate Sustainability. "It all starts with establishing an industry-led, consistent and transparent accounting methodology – and from there we can begin to collectively better understand how to align our actions with those of a changing world."
Launched globally in 2019, PCAF is a collaboration to standardize carbon accounting for the financial sector, enabling a harmonized approach to the assessment and disclosure of financed greenhouse gas emissions. Beyond assessing, tracking and reporting financed emissions, a consistent approach to portfolio carbon accounting gives financial institutions the information required to inform actions and strategy, set climate targets, assess climate transition risks and disclose progress. As such, the approach feeds into the work of other climate initiatives, such as the CDP, Science Based Targets initiative (SBTi) and the Task Force on Climate-related Financial Disclosures (TCFD).
"PCAF is delighted that Comerica has joined over 70 financial institutions globally that are committed to measuring and disclosing the emissions of their portfolio to support meeting the goals of the Paris Climate Agreement," said Ivan Frishberg, PCAF Steering Committee member and Chief Sustainability Officer at Amalgamated Bank. "As a large regional bank, Comerica adds to the size and geographic diversity of financial institutions represented in PCAF North America's quickly growing membership."
PCAF published a draft version of the Global Carbon Accounting Standard this month, with public comments collected through the end of September. Visit PCAF's Global Carbon Accounting Standard page to view a copy of the standard and participating in the consultation.
Comerica has been recognized as a leader among the U.S. regional banking sector in terms of greenhouse gas emissions (GHG) reductions and transparent disclosures. Earlier this year, Comerica announced the achievement of all its 2020 environmental sustainability goals including reductions in GHGs, water, waste, and paper consumption. Currently, Comerica's real estate-related GHG reductions stand at over 48 percent at year-end 2019 compared to a baseline year of 2012, comparing favorably to reduction goals of 50 percent by 2025, 65 percent by 2030, and 100 percent by 2050. Recently, Comerica published its response to CDP's annual Climate Change Questionnaire, the first questionnaire specific to the financial services sector. For Comerica's most recent CDP disclosure, visit www.comerica.com/sustainability.
Comerica Incorporated (NYSE: CMA)
Comerica Incorporated is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Commercial Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $84 billion at June 30, 2020.
Partnership for Carbon Accounting Financials
The Partnership for Carbon Accounting Financials (PCAF) launched in 2019, currently consists of more than 70 banks and investors who have committed to the PCAF initiative. PCAF participants work together to jointly develop the Global Carbon Accounting Standard for the financial services industry to measure and disclose the greenhouse emissions of their loans and investments. By doing so, PCAF participants 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. For more information see https://carbonaccountingfinancials.com/