KATHMANDU: NMB Bank has joined the Partnership for Carbon Accounting Financials (PCAF), an industry-led initiative to measure and disclose greenhouse gas emissions financed by loans and investments.
PCAF has grown rapidly, as per a press statement. From 50 financial institutions with over $5 trillion in assets at its global launch last September, the initiative is now home to 75 financial institutions with over $12 trillion in assets. Founded by pioneers of carbon accounting of financial assets, this bottom-up initiative has expanded its global reach and attracted large financial institutions more recently including: NatWest Group (UK, previously known as The Royal Bank of Scotland Group), Investec (South Africa), Banco Bradesco (Brazil), Grupo Bancolombia (Colombia), Access Bank (Nigeria), Morgan Stanley (US), Citi (US), Bank of America (US), NN Group (Netherlands), and Danske Bank (Denmark).
Extending PCAF’s steering committee allows it to build on its foundations in values-based banking, add a key representative from Asia and reinforce its global and diverse nature particularly from an institutional investors’ perspective.
A version of this article appears in e-paper on September 29, 2020, of The Himalayan Times.