Exploring Metrics to Measure the Climate Progress of Banks
This publication is part of a series by the Portfolio Carbon Initiative (PCI). It aims to inform the ongoing debate about how public- and private-sector banks should assess and report on the climate progress of their portfolios. It builds on a multistakeholder process that, in 2013, began to standardize the accounting of Scope 3 “financed emissions” (see Annex A). During that process, some financial institutions questioned the meaningfulness and practicality of the financed emissions metric. To respond to these concerns, PCI partner organizations agreed to perform a broader assessment of the various metrics available to help financial institutions report on their impacts on climate change and their contributions (both negative and positive) to the transition toward a low-carbon economy. This paper follows a 2015 sister publication for investors: Climate Strategies and Metrics: Exploring Options for Institutional Investors. Both these papers are based on a broad PCI review of the metrics that financial institutions are using to publicly report on climate progress.
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