Colombia-based financial services company Bancolombia, announced that it has joined the Partnership for Carbon Accounting Financials (PCAF), becoming the first Colombian company to sign on to the PCAF’s mission to measure and disclose the greenhouse gas emissions impact of investments and loans.

Juan Carlos Mora, President of Bancolombia, said:

“Our commitment to Colombia is to promote sustainable economic development to achieve the well-being of all. For this reason, our actions are aligned with the fulfillment of the UN Sustainable Development Goals.

“From our business we must promote the transition to a low carbon economy, for which we are adopting a standard that allows us to measure the impact of the emissions generated by our products and services, and make decisions regarding the results.”

The PCAF is a global collaboration of 70 financial institutions representing total financial assets of more than $10 trillion. The organization has recently announced the addition of prominent North American members, including Bank of America and Morgan Stanley.

Earlier this month, the PCAF publicly released its new standard for financial institutions to measure and disclose the greenhouse gas emissions impact of investments and loans, and is currently in the middle of a consultation period on the standard, running through September 30. The final version of the standard is expected to be released in November 2020.