Sustainable Financing Grows in Middle East and North Africa
- PCAF expands to the MENA region to accelerate climate goals.
- Financial institutions can measure and report the carbon footprint of their loans and investments.
The Partnership for Carbon Accounting Financials (PCAF), an international collaboration of financial organisations that aims to measure and report greenhouse gas (GHG) emissions from their loans, is expanding to the Middle East and North Africa (MENA) Region.
PCAF plays a larger role in driving the world towards sustainable alternatives to oil and gas by helping financial institutions measure and disclose their GHG emissions and support their transition.
Two major banks, First Abu Dhabi Bank and Emirates NBD, have co-led the launch of PCAF MENA. They will work with regional banks to establish a unified standard for measuring and reporting GHG emissions.
The launch follows an increasing number of investors and stakeholders demanding transparency in how financial institutions handle environmental, social, and governance (ESG) issues.
Now, banks can assess the carbon footprint of their loans and investments by adopting PCAF standards and working towards global climate goals.
Angélica Afanador, Executive Director of PCAF, said: "The launch of the PCAF MENA region is an important milestone in the work of our industry-led initiative and 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.
"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.”
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Source: PCAF
