PCAF Japan publishes inaugural report on the implementation of GHG accounting in Japan

PCAF Japan publishes inaugural report on the implementation of GHG accounting in Japan

PCAF Japan Coalition publishes its inaugural report detailing the group's advances in disclosing emissions associated with financial activities

Utrecht, Netherlands; Tokyo, Japan – 8 May 2024: The Partnership for Carbon Accounting Financials (PCAF) today publishes the PCAF Japan Coalition’s inaugural report detailing the advances in emissions disclosure the group has made since its launch.

PCAF Japan was launched in November 2021 and today, Japan’s signatories represent the largest PCAF market in Asia. PCAF Japan brings together a diverse range of financial institutions, from banks, securities firms, life and non-life insurers to asset owners and asset managers.

The report includes case studies from Japanese signatories that have already disclosed their emissions using the PCAF Standard, demonstrating that despite differences in business type, sizes, and the stage at which institutions started taking action, the PCAF Japan coalition as a whole is making steady progress in the measurement and disclosure of their Scope 3 Category 15 emissions.

Looking ahead, PCAF Japan also publishes its workplan for the 2024 financial year, where the focus is on deeper analysis of specific asset classes, capacity building and promoting wider disclosure.

PCAF Japan’s 2024 workplan

PCAF Japan Coalition Report 2024

Yuko Hirano Chair of PCAF Japan coalition and General Manager Sustainability Planning Department, Mizuho Financial Group, Inc. commented, “As we navigate through the critical juncture in sustainability and climate change, the progress and initiatives of the PCAF Japan coalition mark a significant leap towards our common goal of achieving net zero by 2050. Our concerted efforts in advancing portfolio emission measurement and disclosure underscore our commitment to supporting the transition in the real economy. I extend my heartfelt gratitude to all PCAF Japan signatories and our business partners for their unwavering dedication and contributions, propelling us forward in this vital journey.”

Angélica Afanador, Executive Director of PCAF added, “Financial institutions have a critical role to play in translating the transition to net zero into the real economy and the disclosure of emissions is the necessary first step. We’re delighted that signatories within PCAF Japan are so engaged with this process and leading the Japanese market in its decarbonization journey”.