PCAF India and L&T Finance Ltd. (LTF) partner to host a summit leading up to Mumbai Climate week. The one-day gathering brings together some of the leading financial institutions in India to showcase the momentum in India’s sustainability landscape from a policy and industry perspective, and advance transparency and standardization in greenhouse gas accounting.
Earlier last year, the Partnership for Carbon Accounting Financials (PCAF) launched its India Chapter in response to growing demand from financial institutions for clearer, more consistent guidance on measuring emissions associated with financial activities. PCAF India currently has 14 Indian signatories and 6 accredited partners, with a growing number of institutions recognizing the benefits of a standardized, globally aligned approach to emissions measurement.
“PCAF’s unified framework for greenhouse gas accounting plays a critical role in strengthening data quality in a region that is rapidly advancing in sustainable finance. Through the standardization of methodologies, the framework adds reliability and authenticity to the data and further helps to bring uniformity, transparency, and comparability of climate-related data across financial institutions. Expanding PCAF’s footprint in the region will further enrich policy dialogue and enable more effective channelling of capital toward sustainable outcomes. We are honored to lead the India Chapter, which serves as a credible and collaborative platform for dialogue and collective action within India’s financial community.”
PCAF India Co-Chairs and Co-Vice Chairs: Jaicy Paul (State Bank of India); Deepak Kumar (Union Bank of India); Sunil Parnami (YES Bank); Saptarshi Bapari (IDFC First Bank)
PCAF India supports financial institutions by promoting a robust, transparent, and harmonized framework for assessing emissions associated with financial activities, an area of increasing relevance as financial institutions prepare for evolving reporting expectations and industry‑led best practices.
To celebrate the chapter’s early success and build continued momentum, PCAF India is organizing its Inaugural Summit, generously hosted by LTF. The event brings together leaders from across India’s financial sector, and regulatory community to exchange insights, strengthen technical knowledge, and collaborate on practical solutions.
“We at L&T Finance are proud to be part of the PCAF India Chapter and are happy to support PCAF’s effort to provide a platform for Indian financial institutions to come together and work towards the common goal of harmonizing the approach for carbon accounting. This is a crucial first step towards collective action and is in line with our commitment to achieving sustainable growth.
We are delighted to host the PCAF India Summit, bringing the industry together for a common cause. As we advance towards our sustainability goals, we look to the PCAF network to drive standardization and knowledge exchange. We expect this partnership to accelerate the adoption of science-based accounting, ensuring that our collective climate action is backed by accurate, comparable, and transparent data.”
Ms. Apurva Rathod, Company Secretary and Chief Sustainability Officer, L&T Finance Ltd.
Across plenaries, panels, and fireside chats, attendees will discuss India’s evolving regulatory roadmap for disclosing emissions associated with financial activity and the importance of greater transparency and harmonization with other global standards. These sessions aim to highlight PCAF’s role in supporting India’s financial sector in greenhouse gas accounting, featuring case studies from leading Indian financial institutions to tackle data challenges and solutions.
“PCAF India’s momentum is inspiring, and this event marks an important moment for the financial sector. It demonstrates a clear commitment from Indian financial institutions to measure and manage the emissions linked to their portfolios. We are proud of our signatories, proud of our accredited partners, and proud of the leadership emerging across the sector. India is already setting a powerful example, and we’re excited to see how far this ambition will go.”
Angélica Afanador, Executive Director, Partnership for Carbon Accounting Financials
The Summit is designed to strengthen sector‑wide awareness, technical capability, and collaboration through:
Additionally, PCAF will be participating in the inaugural Mumbai Climate Week (MCW) on 17th-19th February, 2026. MCW brings together global leaders, innovators, businesses, and youth and provides the perfect opportunity for the Indian financial industry in its collective action to measure and manage its emissions.
Acknowledgements
PCAF would like to thank Sequoia Climate Foundation, whose generous funding has enabled the launch of the PCAF India chapter. Their commitment to accelerating global climate action and empowering financial institutions to lead on emissions disclosure has been instrumental in establishing this new national chapter.
PCAF would like to thank L&T Finance for hosting the Summit. As a leading Indian financial institution with a nationwide presence, L&T Finance’s support has been instrumental in advancing the discussion in India. We look forward to continued collaboration with L&T Finance, Indian signatories, and the broader financial sector.
PCAF would also like to thank the constant support and effort from its Indian signatories, accredited partners, the country’s regulators and associations. PCAF India leans on their support to continue collaborating on data solutions and knowledge sharing.
About PCAF
The Partnership for Carbon Accounting Financials (PCAF) is a global initiative of financial institutions committed to measuring and disclosing the greenhouse gas emissions associated with financial activities. Financial institutions collaborate to improve greenhouse gas methodologies for the industry, forming a community focused on shared knowledge and action.
The greenhouse gas emissions of financial activities (Scope 3 category 15) are the largest portion of financial institutions’ overall emissions. Measuring these emissions is the first step to start managing them.
Established to promote a harmonized approach to accounting and disclosure, PCAF provides standardized methodologies that help financial institutions assess the greenhouse gas emissions associated with their portfolio of loans, investments, (re)insurance underwriting, and other financial products and services.
About L&T Finance Limited
L&T Finance Ltd. (LTF) (www.LTFINANCE.com), formerly known as L&T Finance Holdings Ltd. (LTFH), is a leading Non-Banking Financial Company (NBFC), offering a range of financial products and services. Headquartered in Mumbai, the Company has been rated ‘AAA’—the highest credit rating—by four leading domestic rating agencies. In August 2025, S&P Global Ratings upgraded LTF’s long-term Issuer Credit Rating to “BBB/Stable” from “BBB-/Positive” and short-term issuer credit rating to “A-2” from “A-3.” Fitch Ratings has assigned LTF Long-Term Foreign and Local-Currency Issuer Default Ratings of “BBB-” with a Stable outlook. It has also received leadership scores and ratings by global and national Environmental, Social, and Governance (ESG) rating providers for its sustainability performance. The Company has been certified as a Great Place To Work® and has also won many prestigious awards for its flagship CSR project—Digital Sakhi—which focuses on women's empowerment and digital and financial inclusion. Under Right to Win, being in the ‘right businesses’ has helped the Company become one of the leading financiers in key Retail products. The Company is focused on creating a top-class, digitally enabled, Retail finance company as part of the Lakshya 2026 plan. The goal is to move the emphasis from product focus to customer focus and establish a robust Retail portfolio with quality assets, thus creating a Fintech@Scale while keeping ESG at the core. Fintech@Scale is one of the pillars of the Company’s strategic roadmap—Lakshya 2026. The Company has over a 2.8 Crore customer database, which is being leveraged to cross-sell, up-sell, and identify new customers.
