Suez Canal Bank officially joins the Partnership for Carbon Accounting Financials (PCAF)
Suez Canal Bank has officially joined the Partnership for Carbon Accounting Financials (PCAF), a global initiative that includes more than 700 financial institutions across six continents, with the aim of standardizing the measurement and disclosure of financed emissions resulting from lending and investment activities
This step reflects Suez Canal Bank’s ongoing efforts to integrate climate considerations across its operations and confirms the bank’s keenness to support environmental sustainability and aligning with the direction of the Egyptian government and the Central Bank of Egypt towards a greener, low-carbon economy
Implementing PCAF methodologies will enable Suez Canal Bank to identify carbon-intensive sectors within its financing portfolio, enhance credit and portfolio risk assessments, and strengthen the bank’s ability to design green and transition finance solutions tailored to client needs
This membership represents an important milestone in the bank’s efforts to adopt international best practices in environmental, social and governance (ESG) disclosure, meet evolving regulatory requirements, and unlock new opportunities to attract climate-aligned investments
In this context, Mr. Akef El Maghraby, CEO and Managing Director of Suez Canal Bank, stated that the bank has already taken early proactive steps to measure the emissions associated with its financing portfolio. He added that joining PCAF is a key step in integrating sustainability into the bank’s business model and reinforces the bank’s keenness to adopting unified international methodologies that enhance transparency and support the development of green financing solutions in line with Egypt’s National Climate Change Strategy and Egypt Vision 2030
For her part, Angélica Afanador, Executive Director – PCAF Secretariat, expressed her pleasure with Suez Canal Bank’s accession to the partnership, describing it as an important step to advance sustainable finance efforts in Egypt. By committing to measuring and reporting emissions related to financial activities, Suez Canal Bank improving transparency for the region and takes steps towards emissions management
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