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
Also in this section
23 April 2024
Europe must unlock cross-border CO₂ trade if it wants to build a viable CCS sector for the long term
16 April 2024
US and European oil majors snap up smaller players and look to accelerate development in a region deemed to possess all the key elements for successful CCUS deployment
15 April 2024
Demand for credits seen rising 20% this year despite issues around integrity and standardisation
11 April 2024
Volatile allowance prices and small size of voluntary market undermine ability to drive investment, says Oxford Institute for Energy Studies