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Update on Financial Sector Guidance
GHG Protocol is partnering with UNEP Finance Initiative to develop guidance to help the financial sector account for greenhouse gas (GHG) emissions associated with lending and investments ("financed emissions"). Acting as market players, capital providers, and advisers, financial institutions are important actors in the shift to a low-carbon economy. As risk management experts, it is critical that financial institutions have the necessary tools to consider the implications of continued investment in, and financing of, carbon intensive sectors and companies. A standardized accounting and reporting framework for financed emissions is a crucial first step towards widespread adoption of financed emissions measurement and management. The framework will provide financial institutions with a tool to better understand the climate change impact of investment decisions and subsequently to direct their investments towards lower carbon options or firms.
The project is currently in the scoping phase, which has included conducting an online survey, and two in-person workshops. The second workshop will be held in New York on February 25th. After the scoping phase is complete, a summary of the outcomes will be released, as well as details of next steps.