Today, PCAF Netherlands (PCAF NL) published its latest report, “Updates from implementing the greenhouse gas (GHG) accounting for the financial sector in the Netherlands”. Led by the PCAF Secretariat, the group’s participants supported the development of the latest report which aims to (1) inform the global PCAF community on the group’s developments as the founders of the initiative, (2) attract new Dutch signatories to PCAF, and (3) enable discussions with stakeholders, such as the Dutch governement.
PCAF NL has published multiple reports over recent years, which ultimately led to the development of the PCAF Global GHG Accounting and Reporting Standard for the Financial Industry (the Standard). This latest PCAF NL publication provides initial insights into how PCAF NL signatories use the Standard, what they consider to be the key benefits of measuring and disclosing financed emissions, and what they find to be the main challenges.
The group finds that harmonized and transparent measurement, as well as disclosure of financed emissions, helps financial institutions to fulfill their commitment to the Dutch Climate Accord. Using the PCAF Standard serves as a first step in achieving net-zero emissions by 2050. The report also highlights how measuring and disclosing financed emissions with the PCAF Standard supports risk assessment, stakeholder engagement, and new product development.
Main challenges discussed in the report are the measurement of Scope 3 emissions, the alignment of reported and actual emissions, and the lack of availability of energy usage data on the individual property level.
As PCAF NL as a group has made significant progress on their journey of measuring and disclosing financed emissions, this report helps to understand the benefits and challenges from the perspective of experienced practitioners who are implementing the PCAF methodology.
“In November 2020, the first version of a global standard for measuring and disclosing financed emissions was launched. As this was a truly global effort, a natural transition occurred from a focus on the Dutch context to the global context. To reflect these developments, this report focuses on demonstrating the Dutch application and disclosures to inspire other financial institutions during their GHG accounting journey,” says Tjeerd Krumpelman, Global Head of Advisory, Reporting & Engagement at ABN AMRO, chairman of PCAF Netherlands & PCAF Europe, participant in global PCAF SteerCo.
“The latest PCAF NL report demonstrates the benefits and challenges Dutch financial institutions that committed to PCAF experience. With increasing maturity, it underlines the need for accurate data to provide accurate insights into financed emissions. We welcome financial institutions that are not part of PCAF yet, PCAF members in other parts of the world, and other interested parties to read the report to understand the Dutch perspective on PCAF,“ says Bart van Lunteren, PCAF NL Regional Lead.