Charity Bank has taken another positive step towards reducing greenhouse gas emissions by joining other financial institutions worldwide in the Partnership for Carbon Accounting Financials (PCAF).
WHAT IS PCAF?
The Partnership for Carbon Accounting Financials is a collaboration between banks and other financial institutions across the world to enable harmonised assessments and disclosures of greenhouse gas (GHG) emissions financed by loans and investments. With more than 130 banks and investors from five continents already involved, the group is expanding across North America, Latin America, Africa, Europe and Asia- Pacific.
WHY HAVE WE JOINED?
Joining PCAF aligns well with Charity Bank’s vision of vibrant communities and a healthy planet. We believe that positive impact should be at the heart of everyday banking and are supporting charities and social enterprises that care for people as well as the planet.
With the transparency and accountability promoted by PCAF, Charity Bank is actively working towards its Climate Change Commitment by reporting its GHG emissions.
The Climate Change Commitment is an initiative launched in 2019 by the Global Alliance for Banking on Values (GABV) inviting values-based banks from its network to assess and disclose their financed emissions within three years. Charity Bank is one of the 33 signatory banks.
HOW DOES JOINING PCAF CHALLENGE CLIMATE CHANGE?
Working with PCAF helps financial institutions set science-based targets and align their portfolios with the Paris Climate Agreement. By joining, Charity Bank has committed to measure and disclose the GHG emissions associated with its portfolio of loans.
The collective contributions and interactions of Charity Bank and other PCAF participants will help to identify shared challenges and find solutions to further develop PCAF methodologies.
HOW DOES CHARITY BANK BENEFIT FROM JOINING?
PCAF provides us with the industry-standard methodology to measure the emissions related to our lending activities. This will help Charity Bank prepare for public disclosure of the work we are doing to reduce our carbon footprint.
About Charity Bank
Charity Bank is the loans and savings bank owned by and committed to supporting the social sector. Since 2002, we have used our savers’ money to make more than 1,000 loans totalling over £350m to housing, education, social care, community and other social purpose organisations.
Charity Bank belongs to the Global Alliance for Banking on Values (GABV), a non-profit network of the most progressive and sustainable banks in the world. The GABV is a constituent member of the PCAF initiative and sits on the Steering Committee.
Nothing in this article constitutes an invitation to engage in investment activity nor is it advice or a recommendation and professional advice should be taken before any course of action is pursued.