Indian Overseas Bank (IOB) has become a signatory to the Partnership for Carbon Accounting Financials (PCAF), a global initiative to measure and disclose the greenhouse gas emissions associated with its financed activities. This move aligns with IOB’s vision to integrate sustainability into its core operations and support India’s transition to a greener and more resilient economy. By joining PCAF, IOB will use globally harmonized methodologies for greenhouse gas (GHG) accounting, ensuring transparency and consistency in its emissions reporting, in line with international best practices in the financial industry.
As a public sector bank, IOB’s commitment to PCAF is a significant step forward in promoting responsible banking practices and contributing to India’s efforts to combat climate change. By measuring and reporting GHG emissions, IOB will be able to identify areas for improvement and make informed decisions to reduce its own carbon footprint and support its customers in doing the same.
IOB’s joining PCAF also strengthens its commitment to Environmental, Social, and Governance (ESG) principles, which prioritize social responsibility and sustainability in business practices. The bank’s goal is to play a key role in India’s net-zero journey, driving positive change in the financial sector and contributing to a more sustainable future.
IOB’s MD & CEO, Ajay Kumar Srivastava, emphasized the significance of this initiative, stating that it will help the bank support the country’s journey towards a greener and more resilient economy. This move is a testament to IOB’s commitment to responsible banking practices and its contribution to achieving a low-carbon future. By joining PCAF, IOB is setting an example for other Indian banks to follow, underscoring the importance of sustainability in the banking sector.