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Luminor is the first financial institution in Baltics to join the Partnership for Carbon Accounting Financials (PCAF) and implement the PCAF greenhouse gas accounting standard for Luminor's portfolio of loans and investments.
“We are taking the next great step on the sustainability roadmap with taking a closer look on the greenhouse gas emissions of our portfolio in all home countries. Implementing the PCAF Standard means that next year we will start to ask for more information with regards to the GHG emissions of our lending products customers and investment projects,” explains Kadri Vunder Fontana, Head of Sustainability in Luminor.
“This will take into account both direct and indirect GHG emissions of the organizations. The information provides a basis for understanding the climate change impacts of Baltic companies and will help us to understand the magnitude of the challenges the companies are facing in their decarbonization efforts. We are very excited to lead the topic for our customers and give a helping hand on their change journey. We are also in the process of approving our new sustainability policy in Luminor and taking actions already from this year to change our own behavior,“ adds Kadri.
The Partnership for Carbon Accounting Financials (PCAF) is a collaboration between financial institutions worldwide to enable harmonized assessments and disclosures of greenhouse gas emissions financed by loans and investments. With more than 140 banks and investors from five continents, the group is rapidly expanding in North America, Latin America, Europe, Africa and Asia-Pacific.
About the Partnership for Carbon Accounting Financials (PCAF)
The Partnership for Carbon Accounting Financials (PCAF) was launched globally in September 2019. Currently, more than 140 banks and investors have subscribed to the PCAF initiative. PCAF participants work together to jointly develop the Global GHG Accounting and Reporting Standard for the Financial Industry to measure and disclose the greenhouse gas emissions of their loans and investments. By doing so, PCAF participants take an important step to assess climate-related risks, set targets in line with the Paris Climate Agreement and develop effective strategies to decarbonize our society. For more information carbonaccountingfinancials.com
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Matiss Kukainis, Partner at Spigulis & Kukainis