Commerzbank joins Partnership for Carbon Accounting Financials (PCAF)
Commerzbank is a new member of the Partnership for Carbon Accounting Financials (PCAF), an initiative of more than 400 financial institutions worldwide.
PCAF members are committed to reporting carbon emissions associated with credit and investment using a consistent methodology throughout the industry. These financed emissions are a crucial part of banks’ carbon footprints. The PCAF approach allows stakeholders to compare these carbon footprints of banks, making reduction targets and progress more transparent.
“The accession to PCAF underlines our determination to transparently accompany the decarbonisation of the economy,” said Maximilian Hetjens, Head of Environmental Risk Control at Commerzbank.
PCAF complements Commerzbank's steering elements to navigate its sector portfolios towards the Paris climate target. For example, the Bank is focusing on science-based reduction targets in accordance with the Science-based Targets Initiative (SBTi). These reduction paths were validated by SBTi in March of this year – an important milestone for Commerzbank on its way to achieving net-zero CO2 emissions also in its credit and investment portfolio by 2050 at the latest.
“With PCAF, we have both the appropriate method and the necessary data at hand for efficient CO2 controlling. The exchange of experience within an international network is also very valuable for us,” explained Hetjens.
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