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Mizuho Financial Group becomes the first Japanese financial institution to join PCAF

Mizuho Financial Group becomes the first Japanese financial institution to join PCAF

Mizuho is the first Japanese financial institution and one of the largest globally to date to join the Partnership for Carbon Accounting Financials.

Tokyo, July 2, 2021 - Mizuho Financial Group, Inc. (President & Group CEO: Tatsufumi Sakai) has become the first Japanese financial institution to join the Partnership for Carbon Accounting Financials (PCAF),a global, industry-led initiative that enables financial institutions to measure and disclose the indirect greenhouse gas (GHG) emissions of their loans and investments.

PCAF was established in 2015 by mainly European financial institutions. Since then, more financial institutions have joined forces to develop and implement open-source methodologies to measure the GHG emissions of all asset classes within their loan and investment portfolios. As of June 2021, more than 130 financial institutions in over 40 countries, including commercial banks, investment banks, insurance companies, and institutional investors, are part of PCAF.

Mizuho joined PCAF as an important step in measuring its emissions and setting medium- to long-term targets for its Scope 31 emissions from financing and investment by the end of fiscal 2022. This is also in line with its policy of positively contributing to the achievement of a low-carbon society (achievement of net-zero GHG emissions) by 2050 and of undertaking transformation to a portfolio aligned with the targets in the Paris Agreement. In regard to GHG emissions from project financing for power generation projects, MIzuho is the first financial institution in Japan to carry out measurement and disclosure based on PCAF's Global GHG Accounting and Reporting Standard for the Financial Industry2, which was released in November 2020. Going forward, Mizuho will utilize PCAF's insights and database to expand its range of target assets and sectors, and will also work with PCAF participating financial institutions to facilitate broader Scope 3 emissions measurement initiatives among financial institutions in the Asia-Pacific region.

While continuously strengthening its climate change initiatives, MIzuho will also strive to expand its disclosures and demonstrate leadership toward realizing a low-carbon society.

1 Scope 3: Greenhouse gas emissions from other parties involved in the company's activities.

2 See MIzuho's TCFD Report 2021, dated June 9, 2021:
 

Original news release issued by Mizuho Financial Group, Inc., published here

Read in Japanese here

About the Partnership for Carbon Accounting Financials (PCAF)

In September 2019, the Partnership for Carbon Accounting Financials (PCAF) was launched globally. Currently, more than 130 banks and investors 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 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/

PCAF Media Inquiries please contact: Angélica Afanador, Manager, PCAF Secretariat, E: info@carbonaccountingfinancials.com