QNB Group becomes 1st bank in Qatar to Partnership for Carbon Accounting Financials
Date
8/13/2024 8:19:51 AM
(MENAFN) QNB Group, the largest financial institution in the Middle East and Africa, has made a significant advancement by becoming the first bank in Qatar to join the Partnership for Carbon Accounting Financials (PCAF). This notable step underscores QNB Group’s dedication to combating climate change, aligning with its strategic focus on sustainability. By joining PCAF, the bank not only reaffirms its commitment to the global climate agenda but also supports the State of Qatar's adherence to the Paris Agreement and its Nationally Determined Contributions (NDCs).
The membership in PCAF will enhance QNB Group’s ability to accurately measure and manage greenhouse gas emissions associated with its loans and investments. This move aims to increase the transparency and accountability of the bank's environmental impact. PCAF assists its members by setting standards for carbon accounting, offering guidance, building capacity, and providing access to an emission-factor database. This collaboration among financial institutions is designed to standardize the assessment and reporting of greenhouse gas emissions financed through loans and investments.
PCAF operates as a global network comprising approximately 500 financial institutions across six continents. The initiative is rapidly growing, particularly in North America, Latin America, Europe, Africa, and Asia-Pacific. The expansion of PCAF reflects a growing recognition among financial institutions of the need for consistent and transparent carbon accounting practices.
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