(Friday 1st December) Commenting on the release of the Partnership for Carbon Accounting Financials’ (PCAF) new guidelines for banks to account and report on the emissions that result from the money they raise for companies in funds like bonds or shares, Jeanne Martin, Head of the Banking Programme at ShareAction, said:

“PCAF has just given banks a get-out-of-transparency-free card by allowing them to under-report their climate impact by two-thirds for years to come.

“While we strongly welcome PCAF encouraging banks to go further, the guidelines published today are further proof that voluntary climate initiatives cannot deliver what is needed for people and planet.

“It’s time for governments to step in and introduce mandatory requirements for banks to report on their full contribution to the climate crisis.”

Notes to editors

In May, ShareAction published a briefing outlining why PCAF should include a 100 per cent weighting for capital market facilitation and how banks can and should report the full extent of their financing for fossil fuels.