Green organizations join forces to provide unified approach

Over the course of 2021, the three bodies are partnering to harmonize their efforts and provide additional guidance to PCAF’s Global GHG Accounting and Reporting Standard for the Financial Industry, released in its first edition in November 2020. Furthermore, the partnership is meant to help financial institutions formulate, set, and implement forward-looking targets in relation to their financed emissions.

The collaboration reflects the increasing importance of having a common framework across both investors and banks to measure and steer towards net-zero goals.

Sven Bienert, founder and managing director of IIÖ Institute for Real Estate Economics said: ‘ ‘Whereas in the past investors/owners were seen as the driving force to track, analyse and reduce energy consumption within the real estate industry, we recognize now another force supporting decarbonization efforts. Banks and other financial institutions providing debt to the market are increasingly demanding clarity regarding financed emissions – impact on loan pricing and lending can be expected soon.’

Patrick Kanters, managing director Global Real Assets at APG Asset Management and member of the GRESB Interim Foundation Council said: ‘As the stewards of ESG data and standards for real assets, the GRESB Foundation welcomes the opportunity to work with PCAF and CRREM to provide the financial industry with the standardization and tools it needs to effectively calculate and communicate on its financed emissions within the real estate sector.’
 
‘This partnership with GRESB and CRREM is a clear example of the harmonization efforts that the Partnership for Carbon Accounting Financials (PCAF) has been working on,’ said Giel Linthorst, Executive Director of PCAF. ‘ Alignment and harmonization with other initiatives is crucial to enable the financial sector to effectively measure, report, set targets and take actions towards net zero,’ said Giel Linthorst, Executive Director of PCAF.’