Sustainable finance
PCAF Global GHG Accounting and Reporting Standard
The global standard developed by the Partnership for Carbon Accounting Financials for measuring and disclosing the emissions financed by loans and investments.
Definition
The Global GHG Accounting and Reporting Standard for the Financial Industry, developed by the Partnership for Carbon Accounting Financials (PCAF), provides harmonised methodologies for financial institutions to measure and disclose greenhouse gas emissions associated with their loans, investments, capital market activities and insurance underwriting — reported as Scope 3 Category 15 under the GHG Protocol. The third edition of Part A (financed emissions) was published in December 2025.
References
standard structure, editions and asset class coverage
conformance with Scope 3 Category 15 and initiative history
Overview
What it means
For most banks and asset managers, financed emissions dwarf operational emissions. The PCAF Standard covers ten asset classes, attributes emissions in proportion to the institution's share of financing, and scores data quality on a five-level scale; Parts B and C address facilitated and insurance-associated emissions.
How it is used
More than 700 financial institutions with tens of trillions of dollars in assets apply the standard for disclosures, target setting and climate risk analysis; regulators and frameworks including ESRS reference PCAF methodologies.
Why it matters
Financed emissions are the main channel through which finance drives climate impact; a common measurement standard is a precondition for credible net zero commitments by financial institutions. **Note:** Serves as the merge target for ID 1993 (Partnership for Carbon Accounting Financials).
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