#SustainableFinance / Coalition of UK banks launched to standardise carbon accounting

The coalition includes Natwest, Lloyds Banking Group, Investec and Nationwide and is chaired by the international arm of investment manager Federated Hermes.

PCAF claims that its open-source, free-of-charge initiative will allow banks to access the greenhouse gas emissions of their lending books and portfolios and help align their strategies with the Paris Climate Agreement.

Mark Carney, former governor of the Bank of England and observer to PCAF describes the coalition as an important step in placing carbon emissions at the heart of the financial decisions… “For financial firms, that means reviewing more than the emissions generated by their own business activity.. They must measure and report the emissions generated by the companies they invest in and lend to.”