The Partnership for Carbon Accounting Financials (PCAF) announced its expansion into the Middle East and North Africa (MENA) region today.
An industry-led initiative, the PCAF works to develop and implement a harmonised approach to assessing and disclosing the GHG emissions associated with financial institutions’ loans and investments.
More than 520 financial institutions have committed to upholding the Standard globally so far, the PCAF said.
PCAF MENA will be co-chaired by financial institutions Emirates NBD and First Abu Dhabi Bank, with nine other Middle Eastern financial institutions already committed.
According to the PCAF’s announcement this week, the launch of the region will focus on adapting PCAF’s methodologies to the economic and environmental context of MENA.
Angélica Afanador, Executive Director of PCAF, called the launch of the PCAF MENA region an “important milestone”.
“The launch is a testament to the leadership of the financial institutions in the region that are set to drive GHG emissions accounting and reporting across the financial sector,” said Afanador.
Adding: “By bringing together the region’s financial institutions under the PCAF framework, we are supporting and enabling transparent and robust GHG accounting practices that will drive more informed decision making in sustainable investment and innovation. PCAF MENA aligns with the region’s growing commitment to sustainability, and we are excited to support it in driving climate action in finance.”