November, 17 2020, 11:00pm EDT
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Global Banks Launch Standard to Report Financed Emissions
WASHINGTON
Today, the Partnership for Carbon Accounting Financials (PCAF) launched its methodology enabling banks to measure and disclose the emissions associated with their financed activities.
More than 83 banks globally have joined PCAF, creating a global standard for measuring and disclosing financed emissions. As pressure has mounted on the financial sector to reduce its contribution to climate catastrophe, investors have focused on the need for banks to use a standardized approach to measure and transparently disclose their financed emissions as a critical step to reducing those emissions. As You Sow, and a range of investors, filed climate resolutions last year with five of the largest U.S. banks and asked them to join PCAF and begin measuring and disclosing their financed emissions. Over the summer of 2020, major U.S. banks Morgan Stanley, Bank of America, and Citigroup joined in committing to PCAF in advance of its launch.
Danielle Fugere, president of As You Sow, made the following statement:
"Banks are critical to ensuring that the economy is moving toward net zero emissions at the scale and pace necessary to avoid catastrophic impacts. Measuring and disclosing total financed emissions is the critical first step for banks to understand their climate impact, and for banks and investors to understand progress in reducing that impact. PCAF has become the globally accepted standard for measuring and disclosing results along this path. We hope to see all major banks join PCAF and begin the work necessary to achieve net zero financed emissions."
Lila Holzman, energy program manager of As You Sow, made the following statement:
"By providing a globally agreed upon framework, PCAF enables the financial sector to create a shared understanding of each bank's contributions and progress toward climate action. As data quality improves, the tool will become increasingly useful to understand the climate impacts of financing activities."
For more information on As You Sow's work on climate change, click here.
As You Sow is the nation's non-profit leader in shareholder advocacy. Founded in 1992, we harness shareholder power to create lasting change that benefits people, planet, and profit. Our mission is to promote environmental and social corporate responsibility through shareholder advocacy, coalition building, and innovative legal strategies.
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Revealed: wealthy western countries lead in global oil and gas expansion
Surge by world’s wealthiest countries – such as the US and the UK- threatens to unleash 12bn tonnes of planet-heating emissions.
By @olliemilman & @ninalakhani https://t.co/esY5IuIfi9
— jonathanwatts (@jonathanwatts) July 24, 2024
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The state Supreme Court did leave open the possibility of an additional ruling on the matter, saying the panel "reserves the right to issue further orders and proceed in accordance with state law."
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"On behalf of 101,000 Arkansas voters, 800 volunteers, and the AFLG team, we thank the court for upholding democracy in Arkansas," said the group. "We are heartened by this outcome, which honors the constitutional rights of Arkansans to participate in direct democracy, the voices of 101,000 Arkansas voters who signed the petition, and the work of hundreds of volunteers across the state who poured themselves into this effort."
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Targeting humanitarian relief personnel is a war crime.
#Gaza
Heavy shooting from the Israeli Forces at a UN convoy heading to Gaza city.
While there are no casualties, our teams had to duck and take cover.
This took place yesterday. The teams were traveling in clearly marked UN armoured cars & wearing UN vests.
One vehicle…
— Philippe Lazzarini (@UNLazzarini) July 22, 2024
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