NMB Bank joins ABN Amro, Morgan Stanley, and leading International banks in the steering committee of Partnership for Carbon Accounting Financials
As representatives of the Net Zero Asset Owner Alliance, NMB Bank has joined the leadership of a movement of financial institution’s rapidly scaling up efforts to enable alignment with the Paris Climate Agreement.
The Partnership for Carbon Accounting Financials (PCAF), an industry-led initiative to measure and disclose greenhouse gas emissions financed by loans and investments, has strengthened and expanded participation to work collaboratively with UN-convened, an international alliance of institutional asset owner and separately,on-board a leading values-based Asian bank.
PCAF has grown rapidly. From 50 financial institutions with over five trillion USD in assets at its global launch last September, the initiative is now home to 75 financial institutions with over 12 trillion USD in assets. Founded by pioneers of carbon accounting of financial assets, this bottom-up initiative has expanded its global reach and attracted large financial institutions more recently including NatWest Group (UK, previously known as The Royal Bank of Scotland Group), Investec (South Africa), Banco Bradesco (Brazil), Grupo Bancolombia (Colombia), Access Bank (Nigeria), Morgan Stanley (US), Citi (US), Bank of America (US), NN Group (Netherlands), and Danske Bank (Denmark).
Extending PCAF’s Steering Committee allows it to build on its foundations in values-based banking, add a key representative from Asia, and reinforce its global and diverse nature particularly from an institutional investors’ perspective.
PCAF is now collaborating with the Net Zero Asset Owner Alliance (AOA), added a representative of AOA to its Steering Committee, and welcomed MBA Bank from Nepal to its leadership. The Steering Committee, which does not anticipate expanding further, now consists of ABN AMRO, Amalgamated Bank, ASN Bank, Global Alliance for Banking on Values (GABV), Triodos Bank, Morgan Stanley, the Net Zero Asset Owner Alliance (represented by Nordea Life & Pension), and NMB Bank. Reflecting all types of financial institutions and a global presence, the full Steering Committee is excited to lead the further development of PCAF’s carbon accounting standard and to grow the initiative further in advance of COP26.
Sunil KC, Chief Executive Officer, NMB Bank, explains: “Keeping the global increase in temperature within safe limits is crucial for us all, but it’s particularly relevant in countries in Asia which are vulnerable to extreme weather events and rising sea levels. We are delighted to be part of a pioneering initiative that helps financial institutions play their part in addressing one of the greatest challenges of our time.”
About the Partnership for Carbon Accounting Financials
In September 2019, the Partnership for Carbon Accounting Financials (PCAF)was launched globally. Currently, 75 banks and investors have subscribed to the PCAF initiative. PCAF institutions work together to jointly develop the Global Carbon Accounting Standard for the financial industry to measure and disclose the greenhouse emissions of their loans and investments. By doing so, PCAF institutions take the first step required to assess climate-related risks, set targets in line with the Paris Climate Agreement, and develop effective strategies to decarbonize our society. For more information: https
About Net Zero Asset Owner Alliance
The UN convened Net Zero Asset Owner Alliance is an international group of 29 institutional investors (as of 3rd August 2020) with nearly 5 trillion in AUM delivering on a bold commitment to transition their investment portfolios to net-zero GHG emissions by 2050. Learn more at https://www.unepfi.org/net-zero-alliance/
