NatWest Group has become the first major UK bank to sign up to the Partnership for Carbon Accounting Financials (PCAF).
PCAF is collaboration between financial institutions worldwide to enable harmonized assessments and disclosures of greenhouse gas emissions financed by loans and investments. With nearly 70 banks and investors from five continents, the group is rapidly expanding in North America, Latin America, Europe, Africa and Asia-Pacific.
Katie Murray, Chief Financial Officer of NatWest Group, said:
“We are determined to lead on the collaboration and cooperation that is so critical to tackling the causes of climate change and transitioning to a low carbon economy.
“We are therefore delighted to be joining forces with other leading financial institutions to develop methods for financial institutions to transparently disclose the environmental impact of their financing.”
In February this year, the banking group set out an ambition to become a leading bank in the UK and Republic of Ireland helping to address the climate challenge. 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.
Joining PCAF today demonstrates the banking group’s determination to not just play its part, but to lead on the collaboration and co-operation that will be so critical in influencing the transition to a low carbon economy.