Partnership for Carbon Accounting Financials (PCAF)

What Partnership for Carbon Accounting Financials (PCAF) does

The Partnership for Carbon Accounting Financials (PCAF) is a global, member-driven coalition of financial institutions, founded in September 2019 and headquartered in Utrecht, Netherlands, with the Secretariat facilitated by Guidehouse Netherlands B.V. PCAF develops and maintains the Global GHG Accounting and Reporting Standard for the Financial Industry — a three-part methodology covering Financed Emissions (Part A), Facilitated Emissions (Part B), and Insurance-Associated Emissions (Part C) — enabling banks, investors, insurers, and other financial institutions to measure and disclose Scope 3 Category 15 emissions associated with their loans, investments, underwriting, and insurance activities. The 2025 standard update added guidance on Financed Avoided Emissions, Forward-Looking Metrics, securitization, structured products, sub-sovereign debt, and project/treaty insurance.

The initiative's product portfolio centers on the standard itself, supplemented by the PCAF Database and the European Building Emission Factor Database (covering EU countries plus Norway, Switzerland, UK, Serbia, Bosnia & Herzegovina, Kosovo, and Turkey, with CRREM-aligned factors on a 2020 baseline), the PCAF Portal for signatories, and the PCAF Academy training platform (access restricted to signatories and Accredited Partners). PCAF operates regional chapters in Japan and India and maintains a 15-person Global Core Team of signatory representatives that guides standard development; PCAF also sits on the GHG Protocol's Technical Working Group for the Scope 3 Corporate Standard revision.

PCAF's business model is membership-based: financial institutions join as signatories and pay size-based annual fees, with smaller institutions eligible for reduced or zero fees to enable broad inclusion. As of 2025, 730+ financial institutions representing nearly $100 trillion in assets across 85+ countries had joined, and 250+ disclosures had been submitted using the PCAF methodology. Distribution occurs through direct signatory membership and a growing Accredited Partner network of consultancies, software providers, and data providers (including SAP Fioneer, BlueComm, Perse, Measurabl, StepChange, Riverstone Environmental, and EKI Energy Services) that implement PCAF methodologies for financial institution clients.

Name

Partnership for Carbon Accounting Financials (PCAF)

Legal name

Partnership for Carbon Accounting Financials

Website

https://carbonaccountingfinancials.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

PCAF is a global financial-industry coalition that develops the Global GHG Accounting and Reporting Standard, enabling 730+ banks, investors, and insurers across 85+ countries to measure and disclose emissions tied to their loans, investments, and insurance activities.

Ownership category

akta.pro rank

Product category

Climate Accounting and Sustainability Standards

akta.pro primary industry

Enterprise Carbon Accounting & GHG Inventory Platforms (EUABAEAA)

akta.pro secondary industries

Supply Chain (Scope 3) Emissions & Supplier Engagement Platforms (EUABAEAE), Emissions Factors, LCA & Product Carbon Footprint (PCF) Platforms (EUABAEAD)

Keywords

• Carbon accounting standards
• GHG emissions measurement
• Financed emissions methodology
• Sustainable finance framework
• Climate disclosure standards

Headquarters

HQ city

Fort Bonifacio

HQ country

Philippines

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Signatory Annual Fees: Financial institutions joining PCAF pay an annual fee to support PCAF activities. The signatory fee is dependent on the size of the institution, enabling participation of smaller financial institutions with no or low fees.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

PCAF develops and maintains the Global GHG Accounting and Reporting Standard for the Financial Industry, a harmonized methodology for measuring and disclosing Scope 3 Category 15 emissions associated with loans, investments, and insurance activities. The standard is delivered in three parts (Part A: Financed Emissions, Part B: Facilitated Emissions, Part C: Insurance-Associated Emissions) and is accompanied by supporting data resources, the PCAF Database, training via the PCAF Academy, and Technical Assistance services accessible to signatories and Accredited Partners.

Product overview

The Partnership for Carbon Accounting Financials (PCAF) is a global industry initiative that develops and maintains the Global GHG Accounting and Reporting Standard for the Financial Industry—a harmonized methodology for measuring Scope 3 Category 15 emissions associated with financial activities. PCAF's product portfolio centers on its three-part Standard (Part A: Financed Emissions, Part B: Facilitated Emissions, Part C: Insurance-Associated Emissions), complemented by supporting data resources including the European Building Emission Factor Database, the PCAF Database of emission factors, and the PCAF Portal. Additional offerings include the PCAF Academy training platform, technical webinars, and guidance documents on net-zero building transition. PCAF does not sell commercial software products; instead, it enables a global network of financial institutions, Accredited Partners, and technology providers to implement standardized carbon accounting.

Differentiator

Problem solved

Functional benefit

Products and services

• Global GHG Accounting and Reporting Standard - Part A: Financed Emissions Foundational methodology for financial institutions to measure and disclose greenhouse gas emissions associated with loans, investments, and other financial activities. The 3rd edition (2025) includes supplemental guidance on Financed Avoided Emissions and Forward-Looking Metrics.
• Global GHG Accounting and Reporting Standard - Part B: Facilitated Emissions Methodology for measuring and disclosing greenhouse gas emissions associated with financial activities where financial institutions facilitate capital raisings, underwriting, or advisory services.
• Global GHG Accounting and Reporting Standard - Part C: Insurance-Associated Emissions Methodology for measuring and disclosing Scope 3 Category 15 emissions associated with insurance activities, including project insurance and treaty insurance. The 2nd edition was released in 2025.
• European Building Emission Factor Database Web-based database providing emission factors for commercial real estate and mortgages across all EU countries plus Norway, Switzerland, UK, and select Balkans/Turkey. Includes factors based on CRREM global pathways with baseline year 2020, EPC rating distinctions, and embodied carbon emission factors.
• PCAF Database (Emissions Factor Database) Web-based emission factor database accessible to PCAF signatories and Accredited Partners, containing emissions factors for calculating financed emissions across asset classes.
• PCAF Portal Online platform for PCAF signatories to access resources, manage disclosures, and track progress on emissions measurement and reporting.
• PCAF Academy Comprehensive training platform providing educational content on PCAF methodologies and standards, exclusively available to PCAF signatories and Accredited Partners.
• PCAF Standard Launch 2025 Technical Webinars Series of technical webinars explaining the updated PCAF Standard methodologies, including Use of Proceeds Structures, Avoided Emissions, Forward-Looking Metrics, Securitization, Structured Products, Sub-sovereign Debt, Project Insurance, and Treaty Insurance.
• PCAF Guidance on Financing the Net-Zero Building Transition Guidance document for financial institutions on measuring and tracking financed emissions of mortgage and commercial real estate portfolios towards net-zero, including a four-step net-zero journey framework.

Quantifiable outcome

• 730+ financial institutions measuring and disclosing emissions
• +3 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Nine partnerships are on record, tiered core and secondary.

• PersecoreTechnology or Integration · 28 May 2026Perse became the first UK-based Accredited Partner. Perse enables banks and lenders to use actual, meter-level energy consumption data when assessing emissions linked to property portfolios, supporting more accurate portfolio-level emissions reporting in line with PCAF methodologies.
• BlueCommcoreTechnology or Integration · 25 May 2026BlueComm joined as Regional Accredited Partner for East Asia and Pacific region. The climate technology company leverages AI-powered analytics and scenario modeling to empower financial institutions to measure, report, manage, and reduce emissions tied to their financial activities using PCAF standards.
• SAP FioneercoreTechnology or Integration · 19 May 2026SAP Fioneer joined as Accredited Partner in Europe and Central Asia. Through its ESG KPI Engine, SAP Fioneer supports financial institutions in measuring and disclosing GHG emissions associated with financial activities in alignment with the PCAF Standard. The partnership integrates PCAF-aligned metrics into finance, risk, and credit workflows.
• MeasurablcoreTechnology or Integration · 30 March 2026Measurabl joined as Accredited Partner to support financial institutions in measuring and disclosing GHG emissions associated with financial activities in alignment with Part A of the PCAF Standard. Measurabl is a sustainability data management platform for real estate with over 1,000 organizations across 90+ countries.
• L&T FinancecoreStrategic or Co-development Partner · 11 February 2026L&T Finance hosted the PCAF India Inaugural Summit 'From Vision to Action' in February 2026. As a leading Indian NBFC with sustainability embedded in business strategy, L&T Finance is instrumental in convening the ecosystem and advancing carbon accounting in India.
• Deutsche BanksecondaryStrategic or Co-development Partner · 23 September 2025Deutsche Bank hosted PCAF at NY Climate Week 2025 on September 23rd, featuring presentations by PCAF Board of Directors and insights from leading climate finance professionals on financed emissions accounting.
• EKI Energy Services LtdsecondaryImplementation/ SI/ Consulting Partner · 16 December 2024EKI Energy Services (formerly EnKing International) is the second entity in India to begin accreditation to become a Regional Accredited Partner. EKI supports financial institutions in adopting the PCAF Standard with expertise in carbon footprint assessment and sustainability strategy.
• Riverstone EnvironmentalcoreImplementation/ SI/ Consulting Partner · 31 October 2024Riverstone Environmental is PCAF's first Regional Accredited Partner in Malaysia and Southeast Asia. A leading sustainability consultancy, Riverstone helps financial institutions measure and report carbon emissions and supports Malaysia's 11 financial institutions committed to upholding the PCAF Standard.
• StepChangecoreImplementation/ SI/ Consulting Partner · 22 August 2024StepChange is the first Regional Partner in India and the Global South. One of India's leading sustainability platforms, StepChange enables financial institutions to measure, mitigate, and report on emissions across Scopes 1, 2, and 3, including a Financed Emissions Module for portfolio carbon footprint quantification.

Scale indicators5 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Science Based Targets initiative (SBTi): SBTi defines science-based target-setting methodologies for corporates and financial institutions, directly intersecting with PCAF's financed emissions methodology. Financial institutions use both frameworks in tandem: PCAF for measurement and disclosure, SBTi for target validation, creating strong functional overlap in the climate accounting workflow.
• CDP (Carbon Disclosure Project): CDP runs the dominant global disclosure platform used by investors and corporations for climate (and broader environmental) data. Many PCAF signatories use CDP for Scope 3 financed emissions reporting, positioning CDP as a complementary disclosure channel that competes for the same institutional attention and budget as PCAF-driven disclosures.
• Net-Zero Banking Alliance (NZBA): NZBA is the leading bank-led UN-convened alliance for net-zero commitments, requiring members to set and disclose financed emissions reduction targets using PCAF methodology. As NZBA's analytical backbone for banks, PCAF and NZBA operate as a tightly coupled standard-setting and commitment pair in the banking sector.
• Net Zero Asset Owner Alliance (NZAOA): NZAOA convenes asset owners and insurers on net-zero portfolio targets, again anchored on PCAF methodology for measuring financed and insurance-associated emissions. It is the institutional investor counterpart to NZBA and operates with PCAF as its measurement substrate.
• Task Force on Climate-related Financial Disclosures (TCFD): TCFD established the foundational climate-related financial disclosure framework now being absorbed into ISSB IFRS S2. PCAF's emissions accounting methodologies plug into TCFD/ISSB's Strategy, Metrics & Targets pillars, making them functionally complementary in serving financial institutions' broader climate disclosure obligations.
• GHG Protocol: GHG Protocol sets the foundational corporate GHG accounting standards (Scope 1, 2, 3) on which PCAF's financial-industry standard builds. PCAF's Standard Development Lead sits on GHG Protocol's Technical Working Group, indicating direct interaction and partial functional overlap in defining emissions accounting methodologies used by financial institutions and their investees.

Emerging players

• Institutional Investors Group on Climate Change (IIGCC): IIGCC convenes European institutional investors on climate stewardship and portfolio decarbonization, using PCAF methodology as the underlying emissions accounting reference. It represents a complementary investor coalition competing for the same member attention and policy influence.
• Climate Bonds Initiative: Climate Bonds Initiative sets standards and certification for green/sustainable debt instruments and tracks thematic investing flows. It overlaps with PCAF in fixed-income and project finance asset classes and is increasingly referenced in the same financed emissions disclosures.

Broad incumbents

• MSCI (Sustainability & Climate products): MSCI provides commercial climate data, financed emissions analytics, and ESG ratings to financial institutions using PCAF-aligned methodologies. As a broad incumbent data provider, MSCI competes for the budget and analytical workflow that PCAF seeks to standardize for its signatories.
• S&P Global (Sustainable1 / Trucost): S&P Global Sustainable1 offers financed emissions data, climate risk analytics, and ESG datasets used by financial institutions alongside or in lieu of PCAF's open standard. As a broad incumbent, it competes for the implementation layer of PCAF-aligned disclosure.

Market position

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/pcafglobal

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about Partnership for Carbon Accounting Financials (PCAF)