Fifth Third Joins PCAF, Committing to Measure and Disclose Climate Impact of Financing Activities
Financial services company Fifth Third announced today that it has joined the Partnership for Carbon Accounting Financials (PCAF), further expanding the ranks of companies committed to measure and disclose the emissions impact of their loans and investments.
Jamie Leonard, Executive Vice President and Chief Financial Officer, Fifth Third Bancorp, said:
“We understand that our impact to the environment isn’t just what we do with our own operations, but also includes what we finance. We are excited to take this important step by committing to measure certain client emissions through a common GHG accounting standard.”
Today’s announcement follows a series of other recent sustainability and climate-focused initiatives by Fifth Third. In January, the bank announced that it had reached carbon neutrality in its operations, and in September 2020, Fifth Third launched a new commitment to achieve $8 billion in sustainable finance by 2025.
The PCAF is a global partnership of more than 110 financial institutions, representing over $21 trillion in total assets, with a mission to develop and implement a harmonized approach to assess and disclose the greenhouse gas (GHG) emissions associated with loans and investments. In November 2020, the PCAF launched the Global GHG Accounting and Reporting Standard for the Financial Industry, designed to provide a standardized, robust and clear way for banks, asset managers and asset owners to measure and report the GHG emissions impact of their loans and investment portfolios.
The PCAF has seen significant growth in recent months, with recent signatories to the initiative including HSBC and Deutsche Bank.
Nicole Labutong, PCAF North America Lead, said:
“PCAF is pleased that Fifth Third Bank has joined over 110 financial institutions globally that are committed to measuring and disclosing the emissions of their portfolios to support meeting the goals of the Paris Climate Agreement. Fifth Third’s drive to keep measuring and reducing its emissions across all scopes will make it a valuable collaborator in PCAF.”