Union Bank of India Becomes First Major Indian Bank to Sign PCAF

Current Context: Union Bank of India has indeed become the first major Indian bank to join the Partnership for Carbon Accounting Financials (PCAF) as a signatory.

• This move aligns with the Reserve Bank of India’s recent draft guidelines on climate risk disclosures, emphasizing the importance of tracking and managing financed emissions.
• By joining PCAF, Union Bank of India is committing to measure and manage its indirect emissions from lending and investment activities, which are often referred to as Scope 3 emissions.
• This is a significant step towards enhancing climate risk management within the Indian banking sector.

Question:

1 Which major Indian bank has become the first to join the Partnership for Carbon Accounting Financials (PCAF) as a signatory?

• A) HDFC Bank
• B) ICICI Bank
• C) Union Bank of India
• D) State Bank of India

Answer: C) Union Bank of India is the first major Indian bank to join PCAF as a signatory, marking a significant step towards tracking and managing financed emissions in the banking sector.