"Partnership for Carbon Accounting Financials"
Established in the Netherlands in 2015, it is an international initiative that will be rolled out in North America in 2018 and worldwide in 2019. Its main purpose is to calculate and disclose greenhouse gas emissions generated by Financial Institution through investments and loans. It is the first industry-led initiative specifically for Financial Institution.
Although Financial Institution themselves do not directly emit carbon dioxide, the introduction of the GHG Protocol established the concept of emission ranges, Scope 1 1 to 3, and it became necessary for Financial Institution to calculate the greenhouse gas emission amount of projects in which they invest.