More than 50 financial institutions, representing $2.9 trillion in assets, have pledged to disclose the climate impacts of their investments and loans, measuring the greenhouse gas emissions generated by each of the projects they fund, several news outlets reported.
The initiative, the Partnership for Carbon Accounting Financials (PCAF), aims to help banks determine if their actions are working to meet the goals of the Paris Agreement, such as directing funds to renewable energy or climate resiliency projects. The financial institutions will assess the carbon footprints of everything from sovereign bonds, to mortgages, to real estate and corporate debt, Climate Home News reported. Signatories include the U.S.-based Amalgamated Bank and the Dutch ASN and Triodos Banks, among others.
Read more at Yale Environment 360
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