The Partnership for Carbon Accounting Financials (PCAF) and GF60, a Chinese non-profit sustainable finance platform, have recently formed an alliance.
According to ESG Investor, the PCAF, known for its commitment to environmental sustainability, works globally with financial institutions to measure and disclose their greenhouse gas (GHG) emissions. GF60, operated by the Shanghai Jinsinan Institute of Finance, serves as a pivotal platform in sustainable finance within China.
The core reason for this partnership is to standardise and harmonise greenhouse gas accounting methodologies for financial institutions in China. This strategic collaboration aims to bring more consistency and transparency to the way Chinese financial institutions calculate and report their GHG emissions.
The PCAF has been influential in leading financial institutions worldwide towards more environmentally responsible practices. They have established standards for measuring and disclosing GHG emissions, enabling institutions to understand and manage their environmental impact effectively. Similarly, GF60 has been pivotal in promoting sustainable finance in China, providing a vital link between financial institutions and sustainable development goals.
This partnership marks a significant step for PCAF in expanding its influence in Asia, adding to its existing presence in South Korea and Japan. The collaboration with GF60 is expected to enhance the accuracy and quality of GHG disclosures, contributing significantly to the decarbonisation efforts of the Chinese financial sector. Globally, PCAF’s initiative now encompasses over 450 financial institutions across various continents, all committed to the PCAF Standard for emissions measurement and disclosure.
Angélica Afanador, Executive Director of PCAF, commented on the partnership: “We are delighted to announce this strategic partnership with GF60 to support the Chinese financial sector in implementing the PCAF standards.” She further added, “Collaboration between financial institutions and other stakeholders will improve the accuracy and quality of greenhouse gas disclosures, enabling the Chinese financial sector to make progress on its decarbonisation journey.”
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