"Partnership for Carbon Accounting Financials"
It is one of the international initiatives that was established in the Netherlands in 2015, and will be rolled out in North America in 2018 and worldwide in 2019. The main purpose is for Financial Institution to calculate and disclose the greenhouse gas emissions they emit through their 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 to 3, making it necessary for Financial Institution to calculate the greenhouse gas emission amount of projects in which they invest.