Banco Sabadell is taking a step forward in its commitment to decarbonise and reduce the carbon footprint of its credit and investment portfolio, by joining the Partnership for Carbon Accounting Financials (PCAF). PCAF is a collaboration among financial institutions from all over the world to measure and disclose the CO2 emissions of their credit and investment portfolios using a standardised approach.
Understanding the impact of the Bank’s portfolio is the first step towards establishing emissions reduction targets in the most carbon-intensive sectors funded through loans and investments. By taking this step, the Bank continues to make progress on its commitment to achieve a climate-neutral credit and investment portfolio by 2050, which it has undertaken as a member of the Net Zero Banking Alliance (NZBA) and as a signatory of the Collective Commitment to Climate Action (CCCA).
In the words of Elena Carrera, Banco Sabadell’s Director of Sustainability: “joining the PCAF strengthens our decarbonisation strategy with its accredited and internationally recognised methodology for the calculation of the carbon footprint of our credit and investment portfolio. Working in partnership to make this framework an industry standard will allow us to enhance our analysis of transition risk, promote emissions reduction and, ultimately, achieve a carbon-neutral portfolio. This is another key step towards achieving the objectives set out in Sabadell’s Commitment to Sustainability and doing our part to help with ecological transition and the fight against climate change.”
About Banco Sabadell and Sabadell’s Commitment to Sustainability
At Banco Sabadell we help people and businesses bring their projects to life, anticipating their needs and caring for them to help them make the best economic decisions so that they may, in turn, have a positive impact on their environment and on society. In our Institution we continue to move forward with our activity and organisation in order to contribute to sustainable development and to the fight against climate change. To act on this commitment, we have established our Commitment to Sustainability, a framework for action that integrates a forward-looking vision into our strategy in relation to our environmental, social and governance (ESG) commitments. Supporting our customers in their transition towards a sustainable economy is one of the four pillars of our strategy, while decarbonising our balance sheet, by reducing the carbon footprint of our credit and investment portfolio, is one of its key objectives.
For more information, see Commitment to Sustainability (grupbancsabadell.com) and #SabadellSustainabilityCommitment
About the Partnership for Carbon Accounting Financials (PCAF)
The Partnership for Carbon Accounting Financials (PCAF) was launched at global level in September 2019. At the present time, more than 260 financial institutions have signed up to the PCAF initiative. PCAF participants work together to develop the Global Greenhouse Gas (GHG) Accounting and Reporting Standard for the financial industry to measure and disclose the GHG emissions of their loans and investments. By joining this initiative, PCAF participants take an important step forward in terms of evaluating climate-related risks, establishing targets in line with the Paris Climate Agreement and developing effective strategies to decarbonise our society.
For more information, see https://carbonaccountingfinancials.com/ Industries
