OP Financial Group joins global PCAF partnership – cooperation will promote climate action

OP Financial Group has joined the international Partnership for Carbon Accounting Financials, which aims to develop and implement a harmonised approach to assessing and disclosing greenhouse gas emissions associated with partners’ loans and investments.

A harmonised accounting approach will provide financial institutions with a basis for achieving the goals of the Paris Climate Agreement. Comparable emission data is important to the development of sustainable investment products and management of credit risk, for example. The PCAF, which has been a global partnership since 2019, has over 250 signatories.

“We view work to achieve climate goals as a priority and are proactive in this area. In addition, we have committed to carbon neutrality within OP Financial Group by 2050, through our corporate loan portfolios and the funds we manage. Joining the PCAF partnership will provide us with additional tools for combating climate change, both internally and alongside our customers,” says Katja Keitaanniemi, CEO of OP Corporate Bank.

OP Financial Group is helping stakeholders to make the transition to sustainability, as a provider of financing, an opinion former and an investor, and by developing new sustainable finance products.

“The goal is to help our corporate customers move to low-carbon activities. Detailed and consistent emission data will play a key role as we help companies to prepare for the impacts of climate change,” Keitaanniemi adds.