DALLAS, Aug. 31, 2020 /PRNewswire/ -- Comerica announced
it has joined the Partnership for Carbon Accounting Financials
(PCAF). An industry-led partnership, PCAF is working to facilitate
a consistent and transparent approach to assess and disclose
greenhouse gas (GHG) emissions associated with loans and
investments in the financial services industry. With its
membership, Comerica joins a network of more than 70 global banks
working to establish a common carbon accounting
framework.
"By joining PCAF, we can work to better understand the carbon
footprint of our portfolios and how we can work with our customers
to limit the impacts of climate change," said Scott Beckerman, Director of Corporate
Sustainability. "It all starts with establishing an industry-led,
consistent and transparent accounting methodology – and from there
we can begin to collectively better understand how to align our
actions with those of a changing world."
Launched globally in 2019, PCAF is a collaboration to
standardize carbon accounting for the financial sector, enabling a
harmonized approach to the assessment and disclosure of financed
greenhouse gas emissions. Beyond assessing, tracking and reporting
financed emissions, a consistent approach to portfolio carbon
accounting gives financial institutions the information required to
inform actions and strategy, set climate targets, assess climate
transition risks and disclose progress. As such, the approach feeds
into the work of other climate initiatives, such as
the CDP, Science Based Targets initiative (SBTi) and the
Task Force on Climate-related Financial Disclosures (TCFD).
"PCAF is delighted that Comerica has joined over 70 financial
institutions globally that are committed to measuring and
disclosing the emissions of their portfolio to support meeting the
goals of the Paris Climate Agreement," said Ivan Frishberg, PCAF Steering Committee member
and First Vice President Sustainability Banking at Amalgamated
Bank. "As a large regional bank, Comerica adds to the size and
geographic diversity of financial institutions represented in PCAF
North America's quickly growing membership."
PCAF published a draft version of the Global Carbon
Accounting Standard this month, with public comments collected
through the end of September. Visit PCAF's Global Carbon Accounting
Standard page to view a copy of the standard and participating in
the consultation.
Comerica has been recognized as a leader among the U.S. regional
banking sector in terms of greenhouse gas emissions (GHG)
reductions and transparent disclosures. Earlier this year,
Comerica announced the achievement of all its 2020 environmental
sustainability goals including reductions in GHGs, water, waste,
and paper consumption. Currently, Comerica's real
estate-related GHG reductions stand at over 48 percent at year-end
2019 compared to a baseline year of 2012, comparing favorably to
reduction goals of 50 percent by 2025, 65 percent by 2030, and 100
percent by 2050. Recently, Comerica published its response to CDP's
annual Climate Change Questionnaire, the first questionnaire
specific to the financial services sector. For Comerica's most
recent CDP disclosure, visit www.comerica.com/sustainability.
Comerica Incorporated (NYSE: CMA) is a financial services
company headquartered in Dallas, Texas, and strategically aligned by three
business segments: The Commercial Bank, The Retail Bank, and Wealth
Management. Comerica focuses on relationships, and helping people
and businesses be successful. In addition to Texas, Comerica
Bank locations can be found
in Arizona, California, Florida and Michigan,
with select businesses operating in several other states, as well
as in Canada and Mexico. Comerica reported total
assets of $84 billion at June 30, 2020.
Partnership for Carbon Accounting Financials
The Partnership for Carbon Accounting Financials (PCAF) launched
in 2019, currently consists of more than 70 banks and investors who
have committed to the PCAF initiative. PCAF participants work
together to jointly develop the Global Carbon Accounting Standard
for the financial services industry to measure and disclose the
greenhouse emissions of their loans and investments. By doing so,
PCAF participants take the first step required to assess
climate-related risks, set targets in line with the Paris Climate
Agreement and develop effective strategies to decarbonize our
society. For more information
see https://carbonaccountingfinancials.com/
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SOURCE Comerica Incorporated