The Partnership for Carbon Accounting Financials (PCAF) - The Standard
PCAF applies the principles of the GHG Protocol to, for example, the financial and commercial real estate sectors.
What do I need to know?
The Partnership for Carbon Accounting Financials (PCAF) is the community of leading banks, financial institutions and asset managers driving the green transition and advocating for the adoption of a transparent methodology and standard framework for the transition to a sustainable financial sector. This framework is called 'The Standard'.
To date, more than 310 of the world's most influential financial firms with total assets of $80 trillion have joined PCAF, and their numbers have grown significantly in recent years.
Broadly speaking, the standard applies the GHG Protocol (particularly the challenging Scope 3), along with science-based targets, to six key financial asset classes. Of particular relevance to Legacy is commercial real estate.
By complying with the standard, investors can actually compare financial products and financial institutions.
The standard is based on an iterative, circular process in five stages:
- Measuring and disclosing financed emissions
- Establishment of science-based targets (SBTs)
- Development of strategies to achieve the targets
- Implementing concrete measures to achieve the targets
- Reporting and feedback on actions taken
↪ repeat steps 1-5.
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The GreenHouse Gas Protocol (GHGP) is the most highly regarded standard for reporting CO2e emissions.
The Science Based Targets Initiative is an international, private sector-driven organization that encourages companies to commit to science-based targets to ensure a strong collaborative effort.