Union Bank Of India Is First Major Indian Bank To Sign PCAF
Union Bank of India has announced its decision to become a signatory to the Partnership for Carbon Accounting Financials (PCAF). This step aligns with the growing global emphasis on climate risk management and the recent draft guidelines issued by the Reserve Bank of India (RBI) on climate risk disclosures.
Click Here To Join Us On WhatsApp
PCAF is a global partnership of financial institutions working to develop and implement a harmonized approach to assess and disclose greenhouse gas emissions associated with loans and investments. By joining PCAF, Union Bank of India demonstrates its commitment to measuring and managing its financed emissions, a crucial aspect of climate risk management for Banks.
Financed emissions, often called Scope 3 emissions, represent the indirect emissions resulting from a Bank’s lending and investment activities. These emissions can significantly outweigh a Bank’s operational emissions and pose substantial risks to its portfolio in the face of climate change and evolving regulations.
Click Here To Join Us On WhatsApp
The importance of tracking financed emissions has been underscored by the RBI’s recent draft guidelines on ‘Disclosure framework on climate-related financial risks, 2024’, issued on February 28, 2024. The framework mandates regulated entities to disclose information on four key areas: governance, strategy, risk management, and metrics and targets.
The RBI’s draft guidelines signal a shift towards more stringent climate risk reporting for Indian Banks. Union Bank of India’s proactive stance in becoming a PCAF signatory is likely to give it a head start in meeting these upcoming regulatory requirements.
Click Here To Join Us On WhatsApp
Industry observers note that this move positions UNION BANK OF INDIA at the forefront of climate risk management in the Indian Banking sector. The Bank’s adoption of PCAF’s methodology is expected to enhance its ability to set targets and develop strategies aligned with global climate goals.
Next Story:
-
Adani Bribery Case: KTR Demands Telangana Govt To Cancel All Contracts
![Adani Bribery Case: KTR Demands Telangana Govt To Cancel All Contracts]()
Hyderabad, Nov 22 (Maxim News): BRS working president KT Rama Rao demanded the Congress government in Telangana to cancel its agreements with the Adani Group, worth Rs 12,400 crore, and return the Rs 100 crore donation made by the group for the Skill University. The demand follows charges of corruption and bribery against industrialist Gautam Adani…
-
Raja Singh Sparks Controversy Again: Advises Ayyappa Devotees’ To Visit Vavar Mosque
![Raja Singh Sparks Controversy Again: Advises Ayyappa Devotees’ To Visit Vavar Mosque]()
Hyderabad, Nov 22 (Maxim News): Goshamahal BJP MLA Raja Singh, sparked controversy after advising Ayyappa Swamy devotees not to visit the Vavar mosque of Hazrath Vavarswami Darga and mosque—popularly known as Vavar mosque—when traveling to the Sabarimala Temple in Kerala.
-
Telangana: DCA Cracks Down On Fake Drug Claims For Critical Illness
![Telangana: DCA Cracks Down On Fake Drug Claims For Critical Illness]()
Hyderabad, Nov 22 (Maxim News): The Drug Control Administration (DCA), Telangana State seized several drugs that were circulating in the market with misleading claims of treating Cardiovascular disorders, blood pressure, Ophthalmic diseases/disorders, fevers, and diabetes, which is in contravention of the Drugs and Magic Remedies (Objectionable Advertisements) Act, 1954, a DCA press release said.
-
Three Arrested For Practicing Allopathy In Telangana
![Three Arrested For Practicing Allopathy In Telangana]()
Hyderabad, Nov 22 (Maxim News): The drug inspectors of Telangana State Drug Control Administration (TSDCA) conducted raids on the premises of three quacks (unqualified medical practitioners), who were practicing allopathy, at different locations in Telangana State and seized substantial stocks of medicines worth Rs. 83,000, stored illegally for sale.
-
Like Praja Palana Forms, Now Caste Survey Applications On Road
![Like Praja Palana Forms, Now Caste Survey Applications On Road]()
Hyderabad, Nov 22 (Maxim News): The caste census survey applications have been found scattered again and this time near Tarnaka Metro station in the city on Friday. This is the second such incident being reported in the State.
Now you can get the latest stories from Indtoday on Telegram every day. Click the link to subscribe. Click to follow Indtoday’s Facebook page, Twitter and Instagram. For all the latest Hyderabad News update
