Phoenix Group has announced it has become one of the UK’s first insurers to join the Partnership for Carbon Accounting Financials (PCAF).
By joining PCAF, it will allow the company to take a consistent approach to assessing and reporting emissions for its investments.
PCAF is a global partnership of financial institutions that work together to develop and implement a harmonised approach for assessing and disclosing the greenhouse gas (GHG) emissions of their loans and investments, and is becoming the market standard approach for measuring these emissions.
Furthermore, the partnership has developed GHG accounting methodologies that can be applied by financial institutions who have exposure to listed equity and corporate bonds, business loans and unlisted equity, project finance, mortgages, commercial real estate and motor vehicle loans.
Michael Eakins, chief investment officer, Phoenix Group, said: “By committing to PCAF, we are ensuring that we use best market practice when calculating the GHG emissions of our investment portfolio and we call on others within the financial services ecosystem to do the same.
“At Phoenix, we understand that to achieve a greener and more sustainable future, it will require collaboration across the financial sector and we stand ready to play our part in helping to achieve this.”
Giel Linthorst, executive director, PCAF, added: “We are pleased to welcome Phoenix Group to the 120+ financial institutions globally that participate in PCAF.
“Phoenix Group’s addition to the growing number of insurers participating in PCAF highlights the diversity of financial institutions committing to measure and disclose their financed emissions using the PCAF Standard.”