PCAF is collaboration between financial institutions worldwide to enable harmonized assessments and disclosures of greenhouse gas emissions financed by loans and investments. With nearly 70 banks and investors from five continents, the group is rapidly expanding in North America, Latin America, Europe, Africa and Asia-Pacific.
Katie Murray, Chief Financial Officer of NatWest Group, said:
“We are determined to lead on the collaboration and cooperation that is so critical to tackling the causes of climate change and transitioning to a low carbon economy.
“We are therefore delighted to be joining forces with other leading financial institutions to develop methods for financial institutions to transparently disclose the environmental impact of their financing.”
In February this year, the banking group set out an ambition to become a leading bank in the UK & Republic of Ireland helping to address the climate challenge. As part of its Purpose-led strategy, NatWest Group set itself a challenge to at least halve the climate impact of its financing activity by 2030, with the intention to do what is necessary to achieve alignment with the 2015 Paris Agreement.
Joining PCAF today demonstrates its determination to not just play its part, but to lead on the collaboration and co-operation that will be so critical in influencing the transition to a low carbon economy.
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About NatWest Group
We champion potential and seek to create a better future. As a UK banking and financial services company, we’ve evolved to meet the needs of large companies, as well as small businesses and individuals.
Our purpose-led strategy puts sustainability at the heart of our future. We are building a more sustainable bank, bringing stronger governance, stronger policies and a more sustainable framework at the centre of our strategy. This tightly integrated approach means we will create more sustainable value for a wider range of stakeholder groups.
About the Partnership for Carbon Accounting Financials (PCAF)
Last September, the Partnership for Carbon Accounting Financials (PCAF) was launched globally. Currently, nearly 70 banks and investors have subscribed to the PCAF initiative. PCAF participants 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 participants take the first step required to assess climate-related risks, set targets in line with Paris Climate Agreement and develop effective strategies to decarbonize our society. For more information see https://carbonaccountingfinancials.com/