Phoenix Group is the first UK insurer to join the global Partnership for Carbon Accounting Financials (PCAF), according to Phoenix. “We are pleased to be the first UK insurer to join PCAF as we continue to make progress towards our net zero exposure to our investment portfolio in 2050,” said Michael Eakins, Phoenix Chief Investment Officer. “By making a commitment to PCAF,” he continued, “we ensure that we use best market practices when calculating the GHG emissions of our investment portfolio, and we encourage others within the financial services ecosystem to do the same to do. “At Phoenix, we know that a greener, more sustainable future requires collaboration across the financial sector, and we are ready to do our part.” It was noted that the greenhouse gas accounting practices developed by PCAF were recognized by financial institutions with exposure to publicly traded companies Stocks and corporate bonds, corporate and unlisted equity, project finance, mortgages, commercial real estate and automobile loans can all be applied. Phoenix’s announcement highlighted that PCAF currently represents financial institutions with assets in excess of $ 40 trillion in lending and investing. “We are pleased to welcome the Phoenix Group to the 120+ financial institutions worldwide participating in PCAF,” said Giel Linthorst, Executive Director of PCAF. “The addition of the Phoenix Group to the growing number of insurers participating in PCAF underscores the diversity of financial institutions that are committed to measuring and disclosing their financed emissions according to the PCAF standard.”
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