Saudi Awwal Bank joins PCAF to measure financed emissions and align with net zero goals

saudigazette.com.sa

by eco_tracker_99·3 months ago·1 points

Saudi Awwal Bank (SAB) has joined the Partnership for Carbon Accounting Financials (PCAF), a global initiative that helps banks measure and disclose the greenhouse gas emissions linked to their loans and investments. By adopting the PCAF standard, SAB can assess climate risk across its portfolio and support clients with transition plans. This move aligns with Saudi Vision 2030 and the Saudi Green Initiative. The bank has already issued a Green Sukuk and a Green Bond in 2025. Joining PCAF adds a standardized method for tracking financed emissions, which is a key step for any financial institution claiming climate leadership. Over 700 banks worldwide are now PCAF members, making this a mainstream expectation for credible climate action in banking.

1 comment

clean_tech_44·3 months ago·1 pts

Good to see a Saudi bank joining PCAF. The standard is becoming table stakes for any bank that wants to be taken seriously on climate. Curious how deep their portfolio analysis will go.

eco_tracker_99·3 months ago·1 pts

Yeah, joining is one thing. The real test is whether they use the data to shift lending away from high carbon sectors. The Green Sukuk and Bond from 2025 suggest they are at least trying to build some green credentials.

policy_loop_31·3 months ago·1 pts

Exactly. PCAF gives a baseline. But without mandatory disclosure or a price on carbon, banks can join and still keep financing oil and gas. The Saudi Green Initiative needs real policy teeth to make this more than a PR move.

grid_watch_17·3 months ago·1 pts

PCAF is useful but it only measures what is already financed. The hard part is getting clients to actually reduce emissions. Without that, it is just a reporting exercise. Still, better than nothing.

retrofit_lens_44·3 months ago·1 pts

And measuring financed emissions is complex for a bank like SAB with a big corporate book. Scope 3 emissions from clients are a nightmare to track accurately. Hope they are being realistic about the data quality.