Banks put financed emissions under greater scrutiny

Carbon accounting initiative grows amid pressure on institutions to report emissions from investment portfolios

Banks and other financial institutions are boosting efforts to measure and report emissions from the projects they are financing, increasing the pressure to steer capital away from fossil fuels and other carbon-heavy assets, one of the sector’s leading carbon accounting initiatives says.  Financial institutions with assets of about $30tn have signed up to the Partnership for Carbon Accounting Financials (PCAF), with HSBC and Deutsche Bank joining in the last few  weeks, according to PCAF executive director Giel Linthorst. “A lot of financial institutions are starting to understand that climate change brings risks” Linthorst, PCAF “We are growing quite rapidly,” he says. “A lot of fin