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TitelPublic Consultation on the draft Global Carbon Accounting Standard for the financial industry

The Partnership for Carbon Accounting Financials (PCAF) is an industry-led initiative. It was created in 2015 by Dutch financial institutions, extended to North America in 2018, and scaled up globally in 2019. PCAF helps financial institutions assess and disclose greenhouse gas (GHG) emissions from their loans and investments through carbon accounting. Carbon accounting enables financial institutions to disclose these emissions at a fixed point in time and in line with financial accounting periods. These disclosures are crucial for allowing stakeholders to understand how a financial institution’s loans and investments are contributing to, or inhibiting, the transition to a low carbon economy. Creating a low carbon economy is essential for achieving the goals of the Paris Agreement and limiting dangerous global temperature rise. Until now, there has not been a globally accepted methodology for the measurement and disclosure of financed emissions. The absence of harmonized methodologies and reporting rules has led to the poor uptake of carbon accounting of financed emissions and inconsistent disclosures across financial institutions. Responding to industry demand for a global, standardized carbon accounting approach, PCAF developed the Global Carbon Accounting Standard for the financial industry (the Standard). With the GHG Protocol Scope 3 Standard2 as its foundation, the Standard builds upon the carbon accounting methods that PCAF has been developing since 2015. These methods are widely tested by banks and investors and used to prepare disclosures of financed emissions.

This Standard is under global stakeholder consultation from 3 August to 30 September 2020.


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