The IKEA Foundation, funded by the, owner of the Ingka Group of companies, announced a new partnership with the Partnership for Carbon Accounting Financials (PCAF), a global partnership of financial institutions with a mission to develop and implement a harmonized approach to assess and disclose the greenhouse gas (GHG) emissions associated with their loans and investments.
The PCAF is a global collaboration of over 80 financial institutions representing total financial assets of more than $13 trillion, with a mission to develop and implement a harmonized approach to assess and disclose the greenhouse gas (GHG) emissions associated with their loans and investments. The organization has recently announced the addition of prominent members, including NatWest, Bank of America, Morgan Stanley, and Citi.
The IKEA foundation is committed to tackling some of the root causes of inequality: poverty, the consequences of climate change, and lack of resources such as clean air, energy and fertile land. According to the foundation, the new partnership is expected to increase the number of financial institutions aligning with the PCAF. The foundation stated:
“The IKEA Foundation is partnering with the Partnership for Carbon Accounting Financials because we believe that enabling financial institutions to measure their financed emissions will lead them to discuss carbon reduction with the companies they invest in and the clients they lend to, reducing the climate impact of their portfolios. This partnership will lead to the increase of the number of banks and investors that use it to over 100 institutions.”