Laxmi Bank on Tuesday announced its intention to join 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 PCAF is a collaboration between financial institutions worldwide to enable harmonized assessments and disclosures of greenhouse gas emissions financed by loans and investments.

“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 of Laxmi Bank. “We are committed to taking concrete and meaningful actions to promote sustainability for our future generations.”

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 PCAF was launched globally in September 2019. 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 the society.