Punjab National Bank Signs the Partnership for Carbon Accounting Financials (PCAF) Agreement. Banking & Finance | Dated: 30 Nov 2024 New Delhi (Delhi) based Punjab National Bank (PNB) has become a signatory to the Partnership for Carbon Accounting Financials (PCAF), reaffirming its commitment to climate responsibility and sustainability. 🎯 Key Highlights: - This move aligns with PNB's broader agenda of transparency in climate-related financial practices. - By joining PCAF, PNB commits to using global standards for measuring and disclosing Greenhouse Gas (GHG) emissions linked to its lending and investment activities. - PNB disclosed its financed emissions in the Financial Year 2023-24 (FY24) Business Responsibility and Sustainability Report (BRSR) using the PCAF Standard. 💡 Other Important Facts: (i) The decision supports the Reserve Bank of India's (RBI) draft framework on climate-related financial risk disclosures, effective from FY26 for all banks. (ii) As a PCAF signatory, PNB gains technical support, industry training, and India-specific emission data to improve its GHG management and reporting. It will also participate in international working groups and share knowledge through workshops and webinars on sustainable finance. (iii) Union Bank of India was the first major Indian bank to sign the PCAF. 📚 Test Your Knowledge: Recently, which bank became a Partnership for Carbon Accounting Financials (PCAF) Signatory? Correct Answer: PNB 🚀 Quick Recap: About Punjab National Bank (PNB) CEO : Atul Kumar Goel Headquarters: New Delhi