Hamburg Commercial Bank has officially joined the ‘Partnership for Carbon Accounting Financials’
Hamburg Commercial Bank (HCOB) has officially joined the ‘Partnership for Carbon Accounting Financials’ (PCAF), a global industry-led initiative for standardized measurements and disclosures of greenhouse gas emissions for the financial sector.
“By joining the PCAF initiative, we underline the importance that sustainability has for HCOB. The methodology enables financial institutions worldwide to measure and disclose the emissions associated with their business. Our goal is to have a consistent and comparable database to enable monitoring of progress in reducing greenhouse gas emissions”, said Daniel Roth, Head of Strategy & Transformation at Hamburg Commercial Bank. “We will use the resulting transparency to further improve our own sustainability strategy and support our clients in the transition to lower greenhouse gas emissions.”
For a future-oriented risk controlling of HCOB’s loans and investments, the measurement of greenhouse gas emissions and gradual decarbonization will be an important component. The bank plans to disclose emissions determined by the PCAF methodology after three years at the latest.
In September 2019, the Partnership for Carbon Accounting Financials (PCAF) was launched globally. Currently, more than 130 banks and investors have subscribed to the PCAF initiative. PCAF participants work together to jointly develop the Global Carbon Accounting Standard for the financial industry to measure and disclose the greenhouse emissions of their loans and investments. By doing so, PCAF participants take an important step to assess climate-related risks, set targets in line with the Paris Climate Agreement and develop effective strategies to decarbonize our society. For more information, please see https://carbonaccountingfinancials.com/
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