Bank of America to join PCAF core team

The Partnership for Carbon Accounting Financials (PCAF) has announced that Bank of America has joined its initiative. Bank of America is the largest and most diversified global financial institution to participate in this collaboration and follows other new members NatWest (RBS) and Morgan Stanley.

“As a global financial institution, and as an industry, we have a critical role to play in accelerating the transition to a low-carbon, more sustainable economy. By joining PCAF, we are helping to drive a consistent framework for institutions to measure financed emissions as well as providing a useful tool in the management of these emissions, which is a critical component when addressing climate change,” said Anne Finucane, vice chairman at Bank of America. “We look forward to collaborating with other financial institutions and partners on this important effort.”

NatWest Group, formerly RBS, recently set out its aims to help address the climate challenge under new CEO Alison Rose. As part of its purpose-led strategy, NatWest Group set itself a challenge to at least halve the climate impact of its financing activity by 2030, with the intention to do what is necessary to achieve alignment with the 2015 Paris Agreement.

Morgan Stanley was the first major US-based global financial institution to join PCAF, and with the addition of the NatWest Group and Bank of America doubled the AUM of the collective institutions to over $10tr.

Recent Stories