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  • Writer's pictureGreen Shift Group

The Partnership for Carbon Accounting Financials (PCAF) launches the Nordic chapter

Co-chaired by Handelsbanken from Sweden and DNB from Norway, the PCAF Nordic chapter will promote the expansion of measurement and disclosure of emissions associated with financial activities by Nordic financial institutions.

The Partnership for Carbon Accounting Financials (PCAF) has launched a Nordic chapter to further promote the measurement and disclosure of GHG emissions in the Nordic financial sector. This chapter is co-chaired by Handelsbanken and DNB, given their instrumental support in setting up the Nordic chapter. The PCAF Secretariat will act as the Secretariat for the chapter. Together, the PCAF Secretariat, Handelsbanken, and DNB will fulfill the leadership role to facilitate collaboration, including chairing regional meetings and holding the pen for deliverables with input from participants. "To reach net zero, we must increase the quality of financed emission reporting, and build a resilient system for following the efforts of the financial sector. PCAF Nordic will really help push this work forward." Catrine Birkevold Liem, Senior Sustainability Advisor, DNB Bank ASA

The PCAF Nordic collation was developed to meet the growing needs of Nordic financial institutions who have joined PCAF, as the momentum to commit to and achieve net zero emissions increases. PCAF Nordic’s focus will be to apply PCAF’s methodologies for measuring emissions associated with financial activities in a Nordic context, sharing best practices, working on data availability and quality improvements, aligning national guidelines across the Nordic region, and bridging international collaboration with other PCAF regional teams. “We’ve all heard the saying that what gets measured gets done, which is why it is so important for an ambitious climate strategy to also include a transparent process for calculating financed emissions associated with lending and investments. Through the PCAF Nordic chapter, Nordic financial institutions can together bring about further harmonization and standardization within this developing area.” Johanna Lindlöf, Sustainability Specialist, Handelsbanken Currently, 32 Nordic financial institutions have joined PCAF, with over 3.4 trillion USD in total assets. All current Nordic PCAF financial institutions can join the PCAF Nordic coalition. With this new chapter in the PCAF structure, PCAF continues to expand, both in Europe and globally. The initiative now holds over 340 financial institutions with over 87 trillion USD in total assets across North America, Latin America, Europe, Africa, and Asia-Pacific. The PCAF Nordic coalition was officially announced today. The first meeting took place previously, on 30 November 2022. Source: PCAF



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