More than 83 banks globally have joined PCAF, creating a global standard for measuring and disclosing financed emissions. As pressure has mounted on the financial sector to reduce its contribution to climate catastrophe, investors have focused on the need for banks to use a standardized approach to measure and transparently disclose their financed emissions as a critical step to reducing those emissions. As You Sow, and a range of investors, filed climate resolutions last year with five of the largest U.S. banks and asked them to join PCAF and begin measuring and disclosing their financed emissions. Over the summer of 2020, major U.S. banks Morgan Stanley, Bank of America, and Citigroup joined in committing to PCAF in advance of its launch.
Danielle Fugere, president of As You Sow, made the following statement:
“Banks are critical to ensuring that the economy is moving toward net zero emissions at the scale and pace necessary to avoid catastrophic impacts. Measuring and disclosing total financed emissions is the critical first step for banks to understand their climate impact, and for banks and investors to understand progress in reducing that impact. PCAF has become the globally accepted standard for measuring and disclosing results along this path. We hope to see all major banks join PCAF and begin the work necessary to achieve net zero financed emissions.”
Lila Holzman, energy program manager of As You Sow, made the following statement:
“By providing a globally agreed upon framework, PCAF enables the financial sector to create a shared understanding of each bank’s contributions and progress toward climate action. As data quality improves, the tool will become increasingly useful to understand the climate impacts of financing activities.”
For more information on As You Sow’s work on climate change, click here.