Another week, another brouhaha in the world of standard setting for net-zero targets. Last week it was the Partnership for Carbon Accounting Financials’ (PCAF’s) new Facilitated Emissions Standard for banks’ capital markets activities, an area long overlooked in terms of banks’ fossil fuel exclusion policies and emission reduction targets, which typically only apply to lending.
The new standard, which only requires banks to apply a 33% weighting to facilitated emissions, met with a lukewarm response from some non-governmental organisations (NGOs).
