The Bank of East Asia, Limited (“BEA”) announces it has become the first bank headquartered in Hong Kong to join the Partnership for Carbon Accounting Financials (“PCAF”). This is a major step taken by the Bank in managing and disclosing data related to emissions indirectly generated from the financing it provides to corporate customers.
PCAF is a collaboration between financial institutions worldwide that enables harmonised assessment and disclosure of the greenhouse gas emissions associated with financial institutions’ loans and investments.
“BEA’s greatest environmental impact is through the financing our Bank extends to other companies. By measuring and reducing the emissions generated indirectly by our business activities, we at BEA can most effectively support local, national, and international climate change goals,” said Mr. Brian Li, Co-Chief Executive of BEA and Chairman of BEA’s ESG Steering Committee.
As a PCAF signatory, BEA is required to begin disclosing data publicly on financed emissions within the next three years. PCAF provides emissions data and technical assistance that will help BEA measure emissions related to financed activities for accurate and consistent reporting. Going forward, the Bank will measure financed emissions in its corporate bond investments and corporate loans by sector and set clear targets as part of the Bank’s overall effort to reduce its direct and indirect greenhouse gas emissions.
Bank of East Asia News