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PCAF Extends GHG Standard to Sovereign Debt

The Partnership for Carbon Accounting Financials (PCAF) has launched the second version of its Global GHG Accounting and Reporting Standard for Financed Emissions. This version, which follows the original 2020 standard, includes a new methodology for financed emissions in sovereign debt, the development of which was informed by 22 PCAF participants, including Bank of America, Barclays and BlackRock. The standard is comprised of three parts: financed emissions, facilitated emissions and insurance-associated emissions. The Insurance-Associated Emissions Standard was launched in November 2022, and will be followed by the Facilitated Emissions Standard launching separately in early 2023. Over 345 financial institutions, with more than US$85 trillion in AUM collectively, have committed to measuring and reporting the greenhouse gas emissions associated with loans, investments, insurance liabilities, and other financial products and services. PCAF is an industry-led initiative that seeks to help financial institutions accurately and consistently measure and disclose the CO2 emissions associated with their financial activities. 

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