In the latest update, the team added new asset classes to the methodology and made new tools available for the growing number of financial companies who aim to use the PCAF methodology. To date, 57 financial institutions from around the world have joined PCAF and committed to measure and report on their CO2 emissions. They represent $3.5 trillion in total assets.
Supported by Guidehouse, the Dutch group pioneered the development of a methodology to assess the carbon emissions of financial institution’s loans and investments. This groundbreaking approach has been the catalyst for a global movement of institutions who assess their emissions with a view, ultimately, to align their impact with the Paris Climate Goals.
The next vital step for PCAF participants already measuring financed emissions will be to use the insights to set science-based targets. These targets will enable financial institutions to play their part in keeping the global increase in temperature within safe levels.