340+ Financial institutions - $ 85 + Trillion in total assets

The Global GHG Accounting and Reporting Standard for the Financial Industry

Cover of the StandardResponding 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).

Download the Standard

Download the Executive Summary

For Insurance-Associated Emissions:

Download the Standard for Insurance-Associated Emissions

Download the Executive Summary for Insurance-Associated Emissions

The Standard, developed by the PCAF Global Core Team, provides detailed methodological guidance to measure and disclose GHG emissions associated with six asset classes:

Listed equity and corporate bonds Business loans and unlisted equity Project finance Commercial real estate Mortgages Motor vehicle loans

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:

  • Assess climate-related risks in line with the Task Force on Climate-related Financial Disclosures (TCFD).
  • Set science-based targets (SBTs) using the sectoral decarbonization approach developed by the Science Based Targets initiative.
  • Report to stakeholders like the Carbon Disclosure Project (CDP).
  • Inform climate strategies and actions to develop innovative financial products that support the transition toward a net-zero emissions economy.  

Built on GHG Protocol Built On GHG Protocol

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

Download the Standard

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.

Watch the Standard Launch recording

Global Core Team

The Global Core Team develops and writes the Standard.

22 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.

Regional implementation

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.