The Commercial Bank of Ceylon has become the first bank in Sri Lanka to join the Partnership for Carbon Accounting Financials (PCAF), a global initiative designed to help financial institutions measure and disclose the greenhouse gas (GHG) emissions linked to their financial activities.
Certified as 100% carbon neutral in its operations, the bank’s new engagement with PCAF, supported by the International Finance Corporation (IFC), is a key component of its climate transition strategy.
PCAF offers a standardized methodology for calculating and reporting the carbon footprint of financial portfolios. This includes financed emissions, facilitated emissions, and insurance-associated emissions, according to the Global GHG Accounting and Reporting Standard, ensuring uniform reporting across financial institutions.
Sanath Manatunge, Managing Director and CEO of Commercial Bank, stated, “Global best practices drive our sustainability initiatives. Our aim is to extend beyond our eco-friendly operations to assess the impact of our lending and adopt a comprehensive approach to environmental, social, and governance issues. Joining PCAF is a significant step in this direction, and we appreciate the IFC’s invaluable support.”
To support sustainable investments, the bank has also teamed up with the IFC and the European Union (EU) under the ACSIIS program to pave the way for a net-zero transition. Additionally, it is collaborating with the Global Green Growth Institute (GGGI) and the Green Building Council of Sri Lanka (GBCSL) to advance green financing in Sri Lanka.
PCAF, launched in September 2019, aims to assist the financial sector in measuring and disclosing GHG emissions, fostering transparency, accountability, and informed decision-making to tackle climate change.