Bank of America Largest U.S. Financial Institution to Combine The Partnership for Carbon Accounting Financials and Its Core Team
The Partnership for Carbon Accounting Financials (PCAF) announced today that Bank of America has united its own initiative to develop a frequent framework to evaluate financed emissions. Bank of America is the biggest and most diversified international financial institution to take part in this cooperation. The business has been operating together with all the PCAF Core Team within the past several months and will continue to become a part of the Core Team, supplying its own financing and risk management experience to support the growth of a consistent procedure for analyzing, measuring and disclosing greenhouse gas (GHG) emissions attributed to funding activities. The objective of PCAF would be to create an international accounting standard to be used from the monetary sector, providing more transparency .
‘As an international bank, and as a business, we’ve got a vital part into play in accelerating the transition to some low-carbon, more sustainable economy. By linking PCAF, we’re helping to induce a more consistent framework for associations to quantify financed emissions, in addition to providing a helpful instrument in the management of the emissions, which can be a crucial element when addressing climate change,’ said Anne Finucane, vice chairman in Bank of America. ‘We look forward to cooperating with other financial institutions and partners with this important work.’
With almost 70 investors and banks in five continents, PCAF’s member financial institutions represent over $9 trillion (USD) in assets. Through this cooperation, the initiative will create a consistent strategy for regaining emissions, or the revelation of GHG emissions in loans and investments made by companies in the financial industry. The initiative was spearheaded by Western and North American banks and investment managers as a means to present consistent transparency financed emissions, and has been consumed as a worldwide initiative.
Past analyzing and monitoring climate change, measuring emissions of loans and investments provide financial institutions the data necessary to quantify and handle the emissions within their own portfolio using a constant and harmonized approach. Therefore, the International Carbon Accounting Standard feeds to the work of additional climate initiatives, like the financial industry disclosures of the Carbon Disclosure Project (CDP), Science Based Target adviser (SBTi) and the Task Force on Climate-related Financial Disclosures (TCFD).
‘Assessing the carbon effect of loans and investments is a basic building block for additional climate actions,’ said Ivan Frishberg of Amalgamated Bank and also a part of the PCAF Steering Committee. ‘Counting carbon may look to be a purely technical entity, but we quantify so that we may handle, and Bank of how America is demonstrating its severity in this work by its active cooperation with PCAF.’
Partnership for Carbon Accounting FinancialsThe Partnership for Carbon Accounting Financials (PCAF), established in 2019, now consist of almost 70 investors and banks have subscribed to the PCAF initiative. PCAF participants work together to collectively develop the International Carbon Accounting Standard for the financial sector to quantify and disclose the greenhouse emissions of the loans and investments. By doing this, PCAF participants accept the initial step necessary to evaluate climate-related risks, establish goals consistent with Paris Climate Deal and create effective approaches to decarbonize our society. To learn more, visit https://carbonaccountingfinancials.com.
Bank of AmericaAt Bank of America, we are guided by a frequent purpose to make financial lives improved, through the ability of each relationship. We are delivering this through responsible growth with an emphasis on our environmental, social and governance (ESG) leadership. ESG is embedded throughout our eight lines of business and reveals how we help fuel the global market, build credibility and trust, and reflect a business people want to work for, invest in and do business with. It is demonstrated in the supportive office we produce for our workers, the responsible products and solutions we provide our customers, and the effect we make round the globe in helping local markets flourish. An significant part the work is forming solid partnerships with nonprofits and advocacy groups, such as neighborhood, environmental and consumer organizations, to bring together our collective networks and skill to attain greater effect. Learn more atabout.bankofamerica.com.
Reporters May Contact:
Kelly Sapp, Bank of America, 1.980.214.3070
Angelica Afanador, Manager, PCAF Secretariat