PNB becomes a PCAF signatory, strengthening its commitment to climate responsibility
Punjab National Bank (PNB), the country’s second largest public sector bank, has become a signatory to the globally recognised Partnership for Carbon Accounting Financials (PCAF).
This move reinforces PNB’s commitment to transparency and proactive climate action, by adopting internationally benchmarked standards for measuring and disclosing greenhouse gas (GHG) emissions associated with its lending and investment activities.
In the financial year 2023-24, PNB disclosed its financed emissions in the Business Responsibility and Sustainability Report (BRSR) using the PCAF Standard, a globally accepted methodology.
PNB’s decision to join PCAF aligns with the Reserve Bank of India’s (RBI) draft framework on climate-related financial risk disclosures, which requires banks to begin reporting on governance, strategy, and risk management for climate-related financial risks and opportunities from FY 2025-26 onwards, and on metrics and targets related to these risks and opportunities from FY 2027-28 onwards.
As a PCAF signatory, PNB joins an international network of financial institutions committed to addressing climate change through robust GHG accounting practices. This association offers PNB access to technical support, industry-leading training, and country-specific emission data, including insights tailored for India. Additionally, PNB will actively engage in global working groups to refine GHG accounting standards and benefit from peer-to-peer knowledge sharing through workshops and webinars.
Through this strategic initiative, PNB reaffirms its dedication to aligning with global sustainability practices and contributing meaningfully to climate action, according to the lender.