The Royal Bank of Canada (RBC) has become the 100th financial institution to join the Partnership for Carbon Accounting, which has doubled global participation in less than 18 months as total participant assets have grown six-fold to more than $21 trillion.
The Partnership for Carbon Accounting Financials (PCAF) has set a new goal of 250 participating financial institutions for year-end 2022. The group also plans to launch coverage of the sovereign debt asset class and provide supporting case studies at the 26th UN Climate Change Conference of the Parties in November.
“Joining PCAF and working with our peers is an important part of our commitment to net-zero lending by 2050 and supporting the principles of the Paris Agreement,” said Graeme Hepworth, chief risk officer for RBC. “The PCAF Standard for measuring GHG emissions in lending portfolios is an essential tool for the management and reporting of climate-related risks and opportunities.”
The team res