bunq is joining the Partnership for Carbon Accounting Financials (PCAF), an industry-led initiative dedicated to enabling financial institutions to measure and disclose the greenhouse gas (GHG) emissions of their loans and investments. This facilitates transparency and accountability of financial institutions regarding the global climate crisis.
Understanding the climate impact of loans and investments is an important step for financial institutions to ensure they’re doing their part to honour the Paris Climate Agreement’s goal of limiting global warming to well below 2 degrees Celsius. As one of the participating institutions in PCAF, bunq has committed to measure and disclose the GHG emissions of its lending and investment portfolios using PCAF’s GHG accounting methodology.
bunq has been tackling the issue of climate crisis since its launch, empowering its members to become CO2 free within 2 years by giving them the Freedom of Choice of which industries their money is invested in, and planting trees for their card payments.
bunq’s initial goals for planting trees through the partnership with Eden Reforestation Project were quickly surpassed. By the end of April 2021, 3 million trees will be planted – starting with a reforestation site in Madagascar and now expanding into Kenya.
Ali Niknam, CEO and founder of bunq, said: “We’re empowering our users to be green – soon they will plant 3 million trees with us! Thanks to PCAF, our green efforts will now be even more visible and open.”