PCAF Announces StepChange As First Regional Partner To Support Indian Financial Market

Bengaluru, Aug 26, 2024: The Partnership for Carbon Accounting Financials (PCAF) has collaborated with sustainability platform StepChange to bolster the transition to a more sustainable economy, which in turn would support long-term economic resilience, attract global investment in India, and deepen transparency and accountability.

StepChange is the first regional partner in the Global South to be a part of PCAF’s accredited partner program, further strengthening PCAF’s presence in the region.  The collaboration is the latest in a series of significant milestones for StepChange following its dual accreditation from the Global Reporting Initiative (GRI) and the IFRS Foundation – the first company in India to receive such recognition.

Through this strategic collaboration, PCAF and StepChange are strengthening the way financial institutions in the Global South, starting with India, can measure, manage, and report their carbon emissions and climate impact – facilitating the Indian market’s efforts to align with global sustainability goals.

Nagadarsan Suresh, Strategic Partnerships Lead for PCAF, stated, “We are delighted to welcome StepChange as an accredited regional partner. The objective of our partner program is to equip solution providers like StepChange with the training and support needed to effectively support the financial sector with GHG accounting. The Indian market is in a very influential position globally and we are thrilled to play a part in supporting the country as it moves ahead in its transition to a more sustainable economy.”

“We are thrilled to be recognized as PCAF's first regional partner in India and the Global South. This accreditation not only underscores our commitment to sustainability but also enables us to empower financial institutions in the region with the solutions and knowledge needed to navigate their decarbonisation and climate journeys effectively. We are excited to leverage this accreditation to build a more transparent and accountable climate action landscape in India and the Global South,” said Ankit Jain, Co-Founder & CEO at StepChange.

Recognizing the need to support consultancies, software and data providers guiding financial institutions in their efforts towards decarbonization, PCAF has developed an accredited partner program to provide organizations with access to the PCAF Database, as well as important technical assistance in the practical application of the PCAF Standard, among other benefits.

PCAF was launched globally in September 2019. Currently, more than 510 banks and investors have subscribed to the PCAF initiative. PCAF participants work together to jointly develop the Global GHG Accounting and Reporting Standard for the Financial Industry to measure and disclose the greenhouse gas emissions of their loans and investments.

StepChange is a state-of-the-science climate-tech enterprise platform that enables large enterprises and financial institutions to measure, mitigate, and report on their emissions and climate risks.