KATMANDU, DECEMBER 13
Laxmi Bank announced on Tuesday it has joined the Partnership for Carbon Financial Accounting (PCAF), a collaboration between financial institutions around the world to enable harmonized assessments and disclosures of greenhouse gas emissions financed by loans and investments.
This is the latest in a series of steps the bank has taken to strengthen its commitment to environmental sustainability.
Releasing a statement today, Laxmi Bank expressed its enthusiasm for joining the CFP to jointly chart the course towards a net zero future and further support Nepal’s national commitment made at COP26.
âThe partnership reinforces the bank’s long-standing commitment to reducing its carbon footprint by managing its activities responsibly, taking into account environmental and social considerations,â said Laxmi Bank.
The Carbon Financial Accounting Partnership (PCAF) was launched globally in September 2019. Currently, over 180 banks and investors have signed up to the PCAF initiative. CFP participants work together to jointly develop the global financial sector GHG accounting and reporting standard to measure and report greenhouse gas emissions from their loans and investments.
In addition, the Science Based Targets initiative officially endorsed the CFP methodology as a universal method for calculating and reporting greenhouse gas emissions from financial products.
âWe believe that measuring and reporting our company’s funded emissions will help guide our risk assessment and climate strategy,â said Ajaya Shah, CEO of Laxmi Bank. âThe CFP is well linked to ourâ Orange Loves Green âinitiative, to preserve and create a sustainable ecosystem. We are committed to taking concrete and meaningful steps to promote sustainability for our future generations. “
Laxmi Bank, established in 2002, currently provides services through its 140 branches in 50 districts, 5 hospital service counters, 9 extension counters, 170 ATMs, 2,500 money transfer agents, 63 bank agents remotely spread across the country and a multitude of IT channels, the Bank serves a wide range of clients.