Laxmi Bank announces that it has joined the Partnership for Carbon Accounting Financials (PCAF), the latest in a series of steps taken by the bank towards furthering its commitment to environmental sustainability.
PCAF is a collaboration between financial institutions worldwide to enable harmonized assessments and disclosures of greenhouse gas emissions financed by loans and investments. In addition, the Science Based Targets initiative has officially endorsed PCAF’s methodology as a universal method for calculating and disclosing financial products’ greenhouse gas emissions.
According to a press release issued by PCAF, the bank is excited to join PCAF to jointly chart a path to a net-zero future and further support Nepal’s national commitment made at COP26. The partnership reinforces the bank’s long-standing commitment to reducing its carbon impact by managing business in a responsible way, with environmental and social considerations as factors.
“We believe measuring and reporting financed emissions from our business will help guide our risk assessment and climate strategy” and “PCAF links well with our ‘Orange Loves Green’ initiative, to preserve and create a sustainable ecosystem. We are committed to taking concrete and meaningful actions to promote sustainability for our future generations” said Ajaya Shah, Chief Executive Officer Laxmi Bank.