Tokyo-based banking and financial services company Mizuho Financial Group announced today that it has joined the Partnership for Carbon Accounting Financials (PCAF). As the first Japanese financial institution to join the group, the announcement marks a further expansion in the ranks of financials committing to measure and disclose the greenhouse gas (GHG) emissions impact of their loans and investments.
The PCAF is a global partnership of more than 135 financial institutions, representing nearly $43 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.
According to Mizuho, joining the PCAF aligns with its policy of contributing to the achievement of a low-carbon society by 2050, and marks an important step in its commitment to set medium to long-term targets for its Scope 3 emissions from its financing and investment activities.