Hannon Armstrong Joins Partnership for Carbon Accounting Financials
24 September 2020 - 8:45PM
Business Wire
Partnership Building a Global Standard for
Financed Emissions Assessment and Disclosure
Hannon Armstrong Sustainable Infrastructure Capital, Inc.
("Hannon Armstrong") (NYSE: HASI), a leading investor in climate
change solutions, today announced it has joined the Partnership for
Carbon Accounting Financials (PCAF), a global industry-led
partnership to facilitate a consistent and transparent approach to
assess and disclose greenhouse gas (GHG) emissions associated with
loans and investments in the financial services industry.
With its membership, Hannon Armstrong joins a network of more
than 70 financial institutions working to establish a common carbon
accounting framework.
"Seven years ago, we became one of the first capital providers
to evaluate the carbon efficiency of our investment portfolio
utilizing CarbonCount, our proprietary scoring tool," said Hannon
Armstrong Chairman and CEO Jeffrey W. Eckel. "By joining PCAF, we
are pleased to partner with other financial institutions in
developing a global and transparent standard on financed emissions
that will enable investors the ability to measure the efficiency
with which their capital is reducing carbon emissions and
mitigating climate change."
Launched in 2019, PCAF will offer a consistent approach to
portfolio carbon accounting that provides financial institutions
the information required to inform actions and strategy, set
climate targets, assess climate transition risks, and disclose
progress. This approach feeds into the work of other climate
disclosure guidelines and reporting initiatives, such as the Task
Force on Climate-related Financial Disclosures (TCFD), Science
Based Targets initiative (SBTi), and CDP.
"We are very pleased that Hannon Armstrong has taken a
leadership position by joining PCAF," said Ivan Frishberg of
Amalgamated Bank and a member of the PCAF Steering Committee.
"Measuring the carbon impact of loans and investments is a
fundamental building block for further climate action and is of
growing importance to investors. As we work towards COP26 next year
and further align the finance sector with the goals of the Paris
Climate Agreement, we believe that PCAF and member financial
institutions will play an important leadership role in that
work."
PCAF published a draft version of the Global Carbon Accounting
Standard on August 3, with public comments to be collected through
the end of September. Visit PCAF's Global Carbon Accounting
Standard page to view a copy of the standard.
Hannon Armstrong has long been recognized as a leader among U.S.
companies in terms of GHG reductions and transparent disclosures.
In 2013, the company developed CarbonCount®, a tool for evaluating
investments in U.S. based renewable energy, energy efficiency, and
climate resilience projects to determine the efficiency by which
each dollar of invested capital reduces annual carbon dioxide
equivalent (CO2e) emissions. In 2017, Hannon Armstrong became the
first U.S. public company to commit to TCFD and was among the first
companies to integrate TCFD recommendations into its financial
filings beginning in 2018.
Earlier this year, Hannon Armstrong published its seventh annual
sustainability report card disclosing the CarbonCount® associated
with each investment. As of December 31, 2019, Hannon Armstrong's
investments have avoided 3.2 million metric tons of CO2e annually
and saved 3.4 billion cumulative gallons of water annually. More
information about Hannon Armstrong's commitment to a sustainable
and resilient future can be found at
www.hannonarmstrong.com/esg/.
About Hannon Armstrong
Hannon Armstrong (NYSE: HASI) is the first U.S. public company
solely dedicated to investments in climate change solutions,
providing capital to leading companies in energy efficiency,
renewable energy, and other sustainable infrastructure markets.
With more than $6 billion in managed assets as of June 30, 2020.
Hannon Armstrong's core purpose is to make climate-positive
investments with superior risk-adjusted returns. For more
information, please visit http://www.hannonarmstrong.com. Follow
Hannon Armstrong on LinkedIn and Twitter @HannonArmstrong.
About Partnership for Carbon Accounting Financials
The Partnership for Carbon Accounting Financials (PCAF) launched
in 2019, currently consists of more than 70 banks and investors who
have committed to the PCAF initiative. PCAF participants work
together to jointly develop the Global Carbon Accounting Standard
for the financial services industry to measure and disclose the
greenhouse emissions of their loans and investments. By doing so,
PCAF participants take the first step required to assess
climate-related risks, set targets in line with the Paris Climate
Agreement and develop effective strategies to decarbonize our
society. For more information see
https://carbonaccountingfinancials.com/.
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Media: Gil Jenkins media@hannonarmstrong.com 443-321-5753
Investors: Chad Reed investors@hannonarmstrong.com (410)
571-6189
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