Bank of East Asia joins the Partnership for Carbon Accounting Financials
BEA is required to disclose data publicly on financed emissions within the next three years.
The Bank of East Asia (BEA) has become a signatory of the Partnership for Carbon Accounting Financials (PCAF), the first Hong Kong-headquartered bank to do so.
BEA is required to begin disclosing data publicly on financed emissions within the next three years. PCAF will provide emissions data and technical assistance to help BEA measure emissions related to financed activities for accurate and consistent reporting.
In particular, BEA said that it will measure financed emissions in its corporate bond investments and corporate loans by sector.
The bank also said that it will set clear targets to reduce its direct and indirect greenhouse gas emissions.
“BEA’s greatest environmental impact is through the financing our Bank extends to other companies. By measuring and reducing the emissions generated indirectly by our business activities, we at BEA can most effectively support local, national, and international climate change goals,” said Brian Li, co-chief executive of BEA and chairman of BEA’s ESG Steering Committee.
PCAF is a collaboration between financial institutions worldwide that enables harmonised assessment and disclosure of the greenhouse gas emissions associated with financial institutions’ loans and investments, BEA said in a press release.