PNB Joins PCAF, Strengthens Climate Action Commitments

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Punjab National Bank (PNB), India’s second-largest public sector bank, has become a signatory of the Partnership for Carbon Accounting Financials (PCAF), marking a major step in its climate action journey. This decision aligns with global standards for greenhouse gas (GHG) emissions accounting and the Reserve Bank of India’s (RBI) draft framework on climate-related financial risk disclosures, showcasing PNB’s dedication to sustainability and climate transparency.

Past Milestones and Current Actions

BRSR Implementation: In FY 2023-24, PNB disclosed its financed emissions in its Business Responsibility and Sustainability Report (BRSR) using the globally recognized PCAF Standard.
RBI Alignment: This move aligns with RBI’s draft guidelines requiring banks to disclose climate-related financial risks in governance, strategy, and risk management from FY 2025-26 and metrics and targets from FY 2027-28.

Global Collaboration and Benefits

International Network: By joining PCAF, PNB becomes part of a global network of financial institutions committed to robust GHG accounting practices.
Technical Advantages: The partnership offers access to cutting-edge training, country-specific emissions data, and global insights tailored for India.
Knowledge Sharing: PNB will participate in global working groups, workshops, and webinars to refine GHG standards and foster peer-to-peer learning.

Vision for the Future

PNB’s association with PCAF reflects its commitment to adopting global best practices in sustainability. This initiative strengthens its role as a responsible financial institution, contributing significantly to climate action and aligning with evolving global and domestic environmental standards.

Summery of the news

Key Points	Details
Why in News	PNB joined Partnership for Carbon Accounting Financials (PCAF) to enhance GHG emissions accounting practices.
First PCAF Disclosure	FY 2023-24 in the Business Responsibility and Sustainability Report (BRSR) using the PCAF Standard.
Alignment with RBI Guidelines	RBI mandates banks to report climate risks in governance, strategy, and risk management by FY 2025-26.
Global Network	PNB is now part of an international network committed to addressing climate change through GHG accounting.
Benefits of PCAF Membership	Access to technical support, country-specific emission data, training, and peer knowledge sharing.
Punjab National Bank (PNB)	Founded: 1894
India-Specific PCAF Insights	PCAF offers tailored data and methodologies for India’s emissions context.
Climate Action Goal	Aligning with global sustainability practices and reinforcing commitment to climate responsibility.