BDC joins the Partnership for Carbon Accounting Financials (PCAF)
Montreal QC, December 17, 2021 – BDC, the bank for Canadian entrepreneurs, is pleased to announce that it has joined the Partnership for Carbon Accounting Financials (PCAF), an industry-led initiative of climate action takers. It is a global network of more than 180 financial institutions looking to define greenhouse gas (GHG) emissions reporting metrics.
By signing the PCAF letter, BDC commits to measure and disclose the greenhouse gas (GHG) emissions associated with its loans and investments within a period of three years, using the harmonized approach developed by participating institutions.
“By joining PCAF, BDC is achieving an important milestone in our organization’s commitment towards sustainability,” says Isabelle Hudon, President and Chief Executive Officer of BDC. “PCAF provides a framework for BDC’s reporting and guidance to help our teams better support Canadian small and medium-sized businesses to minimize their environmental footprint. We will keep strengthening our commitment to climate action and aspire to be the bank that entrepreneurs rely on in their sustainability journey.”
BDC helps Canada and its entrepreneurs create a prosperous, inclusive, and green economy. It supports 72,000 entrepreneurs who create more than one million jobs in Canada and accompany them as they transition to a low-carbon economy. As Canada’s first B Corp bank, BDC supports the Paris Agreement’s goals for a cleaner, more sustainable future by 2050, and is committed to reducing the carbon footprint of its operations to net zero by 2025. Over the last five years, it has committed more than $1B in investments and loans to sustainability-linked projects, including $600M for its Cleantech Practice.
“By joining PCAF, BDC will get to participate in a learning circle with other financial institutions who are also facing the challenge of measuring and reducing their footprint on the environment,” says Stefano Lucarelli, Chief Financial Officer of BDC. “It will help us develop sector-specific methodologies to apply carbon accounting and give us the opportunity to share best practices.”
Responding to industry demand for a global, standardized GHG accounting and reporting approach, PCAF has already developed the Global GHG Accounting and Reporting Standard for the Financial Industry, which enables transparency on climate. The partnership offers technical assistance and allows participating institutions to expand their knowledge by creating open-source GHG accounting methodologies, which will be beneficial to the entrepreneurs that BDC supports.
For more information about PCAF, visit https://carbonaccountingfinancials.com/
BDC is the bank for Canadian entrepreneurs. It provides access to financing, as well as advisory services to help Canadian businesses grow and succeed. Its investment arm, BDC Capital, offers a wide range of risk capital solutions. For more information, visit bdc.ca.