PCAF welcomed today the commitment of BNP Paribas to measure and disclose financed emissions using the PCAF Global GHG Accounting and Reporting Standard for Financial Industry. BNP Paribas’ commitment marks a significant achievement for PCAF: the industry-led initiative has surpassed its goal of reaching 250 signatories by year-end 2022 with almost nine months to spare.
PCAF signatories work together to jointly develop the Global GHG Accounting and Reporting Standard for the Financial Industry to measure and disclose the greenhouse gas emissions of their loans, investments, insurance liabilities and other financial products and services. By doing so, PCAF signatories 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.
“Financing energy transition has been at the core of BNP Paribas’ environmental responsibility since 2011. This long-standing strategy yielded robust commitments like the one we took in 2021 to monitor our activities in order to move to financing a carbon neutral economy by 2050. Transitioning to a low-carbon economy is an important part of our newly released 2025 strategic plan, and we are also committed to disclosing our financed emissions based on 2022 data. Such commitments require consistent data and reporting, as well as collaboration with peers in order to develop common methodologies. We are therefore delighted to be joining PCAF to contribute to collectively tackle climate change.” – Laurence Pessez, Global Head of Corporate Social Responsibility of BNP Paribas Group
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