LONG ISLAND CITY, N.Y.–United Nations FCU has joined the Partnership for Carbon Accounting Financials (PCAF).
The initiative’s objective is to standardize greenhouse gas (GHG) accounting.
“UNFCU’s commitment to PCAF reinforces the importance of international collaboration as the global economy continues its transition towards net zero,” the credit union said.
PCAF is a global partnership made up of financial institutions that was established to develop a harmonized set of methodologies enabling the financial industry to measure and disclose the GHG emissions associated with their financial activities, an essential first step in the sector’s journey to net zero.
The credit union said joining the organization helps to align its operations with the UN Sustainable Development Goals.
The $9-billion UNFCU said it is among only a few large U.S. credit unions with assets greater than $5 billion to have achieved the status, adding it has maintained climate neutrality since 2016, even as it increased its membership and staff globally.
‘Belief in Transparency’
“Our commitment to PCAF reflects UNFCU’s belief in transparency in reporting and great collaboration across the financial sector,” said Prasad Surapaneni, SVP/CIO of UNFCU and co-executive Sponsor of its Global Sustainability Program. “PCAF represents an opportunity for financial institutions to implement and increase their disclosure of their portfolio emissions. The continued development of common methodologies advances our impact reporting and also positively influences the United in Sustainability Network we founded to convene credit unions interested in sharing best practices and ideas.”
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