KATHMANDU: Laxmi Bank today announced 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.
The Partnership for Carbon Accounting Financials (PCAF) is a collaboration between financial institutions worldwide to enable harmonised 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.
Laxmi 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, the press statement issued by the bank said.
“We believe measuring and reporting financed emissions from our business will help guide our risk assessment and climate strategy,” said Ajaya Shah, Chief Executive Officer (DEO)of Laxmi Bank. “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.”