PCAF requires banks to report and reduce emissions

The Partnership for Carbon Accounting Financials (PCAF) has launched a methodology requiring banks to report and reduce carbon emissions from their capital markets deals. Banks like Citi and Morgan Stanley have excluded these emissions from reduction targets until now. PCAF's approach allows banks to account for 33% of emissions linked to their capital markets businesses. Some banks, like JP Morgan and Goldman Sachs, have developed their own methodologies. Sierra Club urges banks to set targets for reducing facilitated emissions.