Responding to industry demand for a global, standardized GHG accounting and reporting approach, PCAF developed the Global GHG Accounting and Reporting Standard for the Financial Industry (the Standard).
The Standard, developed by the PCAF Global Core Team, provides detailed methodological guidance to measure and disclose GHG emissions associated with six asset classes:
As the Standard and PCAF evolve, additional asset classes and case studies will be added to the Standard.
Using this Standard equips financial institutions with harmonized, robust methods to measure financed emissions, a metric that enables them to:
The Standard has been reviewed by the GHG Protocol and is in conformance with the requirements set forth in the Corporate Value Chain (Scope 3) Accounting and Reporting Standard, for Category 15 investment activities
Throughout the development of the Standard (October 2019-November 2020),PCAF engaged with civil society organizations to consider their ideas, discuss PCAF methodological approaches, and receive feedback.
During August and September 2020, PCAF also held a public consultation with financial institutions, policy makers, data providers, consultants, and nongovernmental organizations (NGOs). More than 200 stakeholders were reached via targeted webinars in English, Spanish and Mandarin. Furthermore, 50 stakeholders provided direct feedback to the Standard.
The Global Core Team develops and writes the Standard.
16 PCAF participants volunteered to form the PCAF Core Team to co-create the Global GHG Accounting and Reporting Standard for the Financial Industry with the ultimate goal of harmonizing GHG accounting and reporting.
The following institutions are part of the core team. If your financial institution would like to join the core team, please contact us.
Regional implementation teams feed the development of the Global GHG Accounting and Reporting Standard for the Financial Industry through local collaboration.
The PCAF Standard is being implemented in five regions: Africa, Asia-Pacific, Europe, Latin America and North America. Each region has regional implementation teams with a clear governance structure.
Each team receives technical assistance to implement GHG accounting and reporting at no cost. The lessons learned through the regional implementation feed into the refinement of the Global GHG Accounting and Reporting Standard for the Financial Industry.
[...] In order for banks to reduce their impact on global warming, we need to be able to measure what that impact actually is. We recognize the Dutch founders for initiating the open-sourced methodology that PCAF provides as a major step forward. Amalgamated Bank is proud to be a part of this first-of-its-kind partnership and we hope to be joined by many more banks in this endeavor.
Keith Mestrich, CEO Amalgamated Bank
Via the pages below you can access downloads and other resources made available by the the regional implementation teams.