ComBank joins Partnership for Carbon Accounting Financials
View(s):The Commercial Bank of Ceylon has become the first Sri Lankan bank to be a signatory to the Partnership for Carbon Accounting Financials (PCAF), a global initiative that enables signatories to measure and disclose the greenhouse gas (GHG) emissions associated with their financial activity.
Already certified 100 per cent carbon neutral in terms of its operations, Commercial Bank’s ground-breaking engagement with PCAF is supported by the International Finance Corporation (IFC) and is a pivotal element of the bank’s Climate Transition Plan, the bank said in a media release.
PCAF provides a common methodology for measuring and disclosing the carbon footprint of financial portfolios. This methodology considers Financed Emissions, Facilitated Emissions and Insurance Associated Emissions, as specified by the Global GHG Accounting and Reporting Standard, enabling consistent reporting across different financial institutions.
The bank’s Managing Director/CEO Sanath Manatunge said: “We aim to transcend the boundaries of our eco-friendly operations, evaluating the impacts of our lending to adopt a holistic approach to environmental, social, and governance aspects. Our collaboration with the Partnership for Carbon Accounting Financials marks a significant milestone in this journey, and we extend our gratitude to the IFC for its invaluable guidance and support in this endeavour.” To spur sustainable investments, Commercial Bank recently partnered with the IFC and the European Union (EU), under the ACSIIS programme to help the bank lay the foundation for a net-zero transition.
Besides its collaborations with International Finance Corporation, Commercial Bank is also working with the Global Green Growth Institute (GGGI) and the Green Building Council of Sri Lanka (GBCSL) to facilitate green financing in Sri Lanka.
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