600 FIs now committed to PCAF financial emissions disclosures

The Partnership for Carbon Accounting Financials (PCAF) has surpassed 600 signatories, as it prepares to update its standard for disclosing emissions associated with financial activities.

PCAF’s growing membership suggests that, while some may be backtracking on their climate pledges, financial institutions remain committed to standardising the accounting and disclosure of their emissions.

This includes financed emissions from capital market activities – for which the partnership developed a widely adopted framework.

Signatories to PCAF receive support on how to assess and disclose emissions, including through access to an extensive emissions factor database, tailored technical assistance, and education through the PCAF Academy.

“Becoming a signatory presents an opportunity to build and collaborate with a community focused on sharing knowledge and embedding GHG accounting into regular financial reporting processes. Reaching 600 signatories is a testament to the power of inclusive growth, with institutions of all types and from every region joining the movement,” said Angélica Afanador, Executive Director at PCAF.

PCAF standard update

Beyond growing its financial institution community, PCAF is working to expand its standard and cover new asset classes such as transition finance, green finance and additional insurance products.

Currently, the PCAF standard, known as the Global GHG Accounting and Reporting Standard for the Financial Industry, covers financed emissions from loans, corporate bonds, project finance, commercial real estate and sovereign debt, as well as capital markets activities, and some insurance-associated emissions.

In December 2024, the organisation launched a public consultation on its newly developed methods for measuring and reporting GHG emissions associated with financial activities, which were developed by industry-led working groups made up of PCAF signatories.

The consultation closed at the end of February, and the PCAF Secretariat is now in the process of reviewing feedback with a view to integrating responses into the Standard by the end of the year.