Phoenix Group has become the first UK insurer to join the Partnership for Carbon Accounting Financials (PCAF), a global partnership of financial institutions developing a harmonised approach to assessing and disclosing greenhouse gas emissions
Phoenix says joining PCAF will help it take a consistent approach to assessing and reporting emissions for its investments. Phoenix has pledged to be net-zero in its investment portfolios by 2050, in line with science based targets.
PCAF has developed greenhouse gas (GHG) accounting methodologies that can be applied by financial institutions who have exposure to listed equity and corporate bonds, business loans and unlisted equity, project finance, mortgages, commercial real estate and motor vehicle loans. The body currently represents financial institutions with total financial assets in lending and investments in excess of £29 trillion. It collaborates with the Net Zero Asset Owner Alliance, The Science Based Targets Initiative (SBTI) and the Paris Aligned Investment Initiative to expand and standardise its accounting approach.
Phoenix Group CIO Michael Eakins says: “We are delighted to have become the first UK insurer to join PCAF as we continue to make headway towards our 2050 net zero commitment for our investment portfolio. By committing to PCAF, we are ensuring that we use best market practice when calculating the GHG emissions of our investment portfolio and we call on others within the financial services ecosystem to do the same. At Phoenix, we understand that to achieve a greener and more sustainable future, it will require collaboration across the financial sector and we stand ready to play our part in helping to achieve this.”
PCAF executive director Giel Linthorst says: “We are pleased to welcome Phoenix Group to the 120+ financial institutions globally that participate in PCAF. Phoenix Group’s addition to the growing number of insurers participating in PCAF highlights the diversity of financial institutions committing to measure and disclose their financed emissions using the PCAF Standard.”
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