Climate impact platform is growing
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A growing number of companies are joining the Partnership for Carbon Accounting Financials (PCAF) – 57 financial institutions from all over the world are now partners, representing 3.5 trillion US dollars in total assets. ABN AMRO is one of the founders of PCAF and a member of the international steering committee.
The platform has developed a methodology for measuring carbon emissions associated with loans and investments. As a result, the environmental footprint of these activities can now be assessed. Participants can use the methodology to report uniformly on the carbon emissions of these activities.
The latest report by PCAF was presented today during the climate summit in Madrid. The report gives an update on improvements that 17 Dutch participants have made to the PCAF methodology. For instance, it can now be applied to more types of loans and investments, including indirect investments and loans to the public sector. ABN AMRO has started using the PCAF methodology with its mortgage portfolio and business loans and intends to apply it to clients’ investments as well.
Kees van Dijkhuizen, CEO of ABN AMRO: “It’s great to see that the PCAF methodology is being used by increasingly more companies and is being expanded. The more institutions that measure and report in the same way, the clearer it will be where they stand and the more accurately they will be able to be compared with one another. The methodology can be used for more parts of the balance sheet, bringing us closer to a comprehensive picture of our total footprint. This will help us work effectively towards achieving our climate goals.”