Northern Europe-based financial services company Nordea announced that it has joined 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 90 financial institutions, representing nearly $19 trillion in total assets. In joining the initiative, members have committed to measuring and reporting the greenhouse gas emissions associated with loans and investments.

Ylva Hannestad, Nordea’s Deputy Head of Group Sustainable Finance, said:

“We are committed to working together with our customers to align with the climate goals of the Paris Agreement. PCAF will provide us with an important building block in delivering on this commitment, namely a consistent and standardised carbon accounting method to measure our financed emissions.”