PCAF Announces StepChange as First Regional Partner to Support the Indian Financial Market

2024-11-22 06:38:57 Business

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Bengaluru, 23 August 2024: The Partnership for Carbon Accounting Financials (PCAF) today announces its collaboration with StepChange, one of India\'s leading sustainability platforms.

StepChange is the first regional partner in the Global South to be a part of PCAF\'s accredited partner program, further strengthening PCAF\'s presence in the region. The collaboration aims to bolster the transition to a more sustainable economy, which in turn would support long-term economic resilience, attract global investment, and deepen transparency and accountability.

The announcement represents the latest in a series of significant milestones for StepChange following its dual accreditation from the Global Reporting Initiative (GRI) and the IFRS Foundation – the first company in India to receive such recognition.

Through this strategic collaboration, PCAF and StepChange are strengthening the way financial institutions in the Global South, starting with India, can measure, manage, and report their carbon emissions and climate impact – facilitating the Indian market\'s efforts to align with global sustainability goals.

Nagadarsan Suresh, Strategic Partnerships Lead for PCAF stated, \"We are delighted to welcome StepChange as an accredited regional partner. The objective of our partner program is to equip solution providers like StepChange with the training and support needed to effectively support the financial sector with GHG accounting. The Indian market is in a very influential position globally and we are thrilled to play a part in supporting the country as it moves ahead in its transition to a more sustainable economy.\"

\"We are thrilled to be recognized as PCAF\'s first regional partner in India and the Global South. This accreditation not only underscores our commitment to sustainability but also enables us to empower financial institutions in the region with the solutions and knowledge needed to navigate their decarbonisation and climate journeys effectively. We are excited to leverage this accreditation to build a more transparent and accountable climate action landscape in India and the Global South\" - Ankit Jain, Co-Founder & CEO at StepChange added.

Recognizing the need to support consultancies, software and data providers guiding financial institutions in their efforts towards decarbonization, PCAF has developed an accredited partner program to provide organizations with access to the PCAF Database, as well as important technical assistance in the practical application of the PCAF Standard, among other benefits.

About PCAF

The Partnership for Carbon Accounting Financials (PCAF) was launched globally in September 2019. Currently, more than 510 banks and investors have subscribed to the PCAF initiative. PCAF participants work together to jointly develop the Global GHG Accounting and Reporting Standard for the Financial Industry to measure and disclose the greenhouse gas emissions of their loans and investments. By doing so, PCAF participants take an important step to assess climate-related risks, set targets in line with the Paris Climate Agreement and develop effective strategies to decarbonize our society.

About StepChange

StepChange is a state-of-the-science climate-tech enterprise platform that enables large enterprises and financial institutions to measure, mitigate, and report on their emissions (across Scopes 1, 2, and 3) and climate risks. Founded in 2022 by Ankit Jain and Dr. Sidhant Pai with the vision of accelerating the global NetZero transition, StepChange\'s team of climate experts and scientists have built sophisticated offerings and decision-making tools.

StepChange is at the forefront of enabling financial institutions in the Global South to navigate their sustainability and decarbonisation journeys through their Net Zero Navigator. Key offerings include the Financed Emissions Module, which quantifies the carbon footprint of financial portfolios, and the Climate Risk Module, designed to analyse vulnerabilities and integrate climate risk into decision-making processes. By leveraging cutting-edge technology and internationally recognized scientific methodologies, StepChange helps financial institutions comply with global sustainability standards but also unlocks new opportunities in the transition to a low-carbon economy, ultimately contributing to a more resilient financial landscape across the Global South.