Suez Canal Bank has officially joined the Partnership for Carbon Accounting Financials (PCAF), a global initiative comprising more than 700 financial institutions across six continents, aimed at standardising the measurement and disclosure of financed emissions arising from lending and investment activities.

The move reflects the bank’s ongoing efforts to integrate climate considerations across its operations and underscores its commitment to environmental sustainability, in line with the direction of the Egyptian government and the Central Bank of Egypt towards a greener, low-carbon economy.

By adopting PCAF methodologies, Suez Canal Bank will be able to identify carbon-intensive sectors within its financing portfolio, enhance credit and portfolio risk assessments, and strengthen its capacity to design green and transition finance solutions tailored to clients’ needs.

The membership marks a significant milestone in the bank’s efforts to align with international best practice in environmental, social and governance (ESG) disclosure, comply with evolving regulatory requirements, and unlock new opportunities to attract climate-aligned investment.

Commenting on the development, Akef El Maghraby, CEO and Managing Director of Suez Canal Bank, said the bank has already taken proactive steps to measure emissions associated with its financing activities. He added that joining PCAF represents a key step in embedding sustainability within the bank’s business model and reinforces its commitment to adopting unified international methodologies that enhance transparency and support the expansion of green finance, in line with Egypt’s National Climate Change Strategy and Egypt Vision 2030.

For her part, Angélica Afanador, Executive Director of the PCAF Secretariat, welcomed Suez Canal Bank’s accession to the partnership, describing it as an important step towards advancing sustainable finance in Egypt. She noted that by committing to measuring and reporting emissions linked to financial activities, the bank is enhancing transparency in the region and taking concrete steps towards effective emissions management.

Source: Daily News Egypt