PNB becomes PCAF signatory on climate action

January 10, 2025January 10, 2025 admin 0 Comments BRSR, carbon accounting, climate action, ESG, financial risk, GHG emissions, green finance, PCAF, PNB, public sector bank, Punjab National Bank, RBI framework, sustainability

Punjab National Bank (PNB), the country’s second largest public sector bank, has become a signatory to the globally recognised Partnership for Carbon Accounting Financials (PCAF).

This move reinforces PNB’s commitment to transparency and proactive climate action by adopting internationally benchmarked standards for measuring and disclosing greenhouse gas (GHG) emissions associated with its lending and investment activities.

In the financial year 2023-24, PNB disclosed its financed emissions in the Business Responsibility and Sustainability Report (BRSR) using the PCAF Standard, a globally accepted methodology.

PNB’s decision to join PCAF aligns with the Reserve Bank of India’s draft framework on climate-related financial risk disclosures, which requires banks to begin reporting on governance, strategy, and risk management for climate-related financial risks and opportunities from FY 2025-26 onwards, and on metrics and targets related to these risks and opportunities from FY 2027-28 onwards.