Ecology joins coalition to report the impact of our lending on carbon emissions17 September 2020
We’ve signed up to the Partnership for Carbon Accounting Financials (PCAF) coalition in the UK in order to report the impact of our lending on carbon emissions.
PCAF is an industry-led partnership to standardise carbon accounting for the financial sector and the UK coalition will further promote the measurement and dlsclosure of carbon emissions in the UK.
Ecology is being joined by the International business of Federated Hermes, Triodos Bank UK, NatWest Group, Lloyds Banking Group, CDC Group, Investec, and Nationwide Building Society.
Using the PCAF methodology, we are committing to report the impact of our sustainable lending on climate change when we publish our financial results in 2021. It will also support our meeting the Global Alliance on Banking on Values (GABV) Climate Change Commitment.
Paul Ellis, our Chief Executive, explains why Ecology is joining the coalition,
“Ecology has been providing sustainable finance to support positive environmental and social impact for nearly forty years.
“The financial sector has a critical role to turn the current crisis into a defining moment in the fight against climate change, delivering the financial solutions to support a green recovery.
“We’re looking forward to working with the other members of the PCAF UK coalition to develop and champion the role of a common framework to measure and report the carbon impact of our lending, ensuring that we’re focusing our mortgage lending to meet our Paris commitments.”
Mark Carney, former Governor of the Bank of England, who is now an adviser for the United Nations Climate Change Conference and observer to PCAF, is also backing the coalition,
“To achieve net zero we need a whole economy transition – every company, every bank, every insurer and investor will have to adjust their business models, develop credible plans for the transition and implement them.
“For financial firms, that means reviewing more than the emissions generated by their own business activity. They must measure and report the emissions generated by the companies they invest in and lend to. PCAF’s work to standardise the approach to measuring financed emissions is an important step to ensuring that every financial decision takes climate change into account.”