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December 6, 2023

COP28 – Banks are embracing the PCAF initiative

Omnevue’s Chief Revenue Officer Aidan McNulty  attended the long awaited COP28 event – a milestone moment for the world to take stock of its progress on the Paris Agreement.

One of our takeaways from the event is that it is clear that regional banks are embracing global initiatives such as PCAF and incentivising businesses through targeted Green Financing on their transition to Net Zero.

The Partnership for Carbon Accounting Financials (PCAF) is a finance industry-led initiative. As of November 2022 more than 300 banks and investors 17 participate in PCAF. The globalisation of PCAF enables financial institutions worldwide to consistently measure and disclose the GHG emissions of their financial activities.

“Financial institutions shall ensure that their GHG accounting appropriately reflects the GHG emissions of their loans and investments and serves the
decision-making needs of internal and external stakeholders. To safeguard these outcomes, financial institutions should use the highest quality data
available for each asset class for calculations and, where relevant, improve the quality of the data over time” (PCAF).

Omnevue is committed to reporting financial grade, auditable ESG & CO2e data – the highest data quality. The suite of Omnevue CO2e emissions reporting solutions are compliant with IFRS S2 (the international accounting standard governing CO2e reporting) AND correspond to PCAF data & data quality requirements.

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