The Laxmi Bank has announced that it has joined the Partnership for Carbon Accounting Financials (PCAF), a collaboration between financial institutions worldwide to enable harmonized assessments and disclosures of greenhouse gas emissions financed by loans and investments, on Tuesday.

This is the latest in a series of steps taken by the bank towards furthering its commitment to environmental sustainability.

Issuing a statement today, Laxmi Bank expressed its excitement on joining PCAF to jointly chart a path to a net-zero future and further support Nepal's national commitment made at COP26.

"The partnership reinforces the bank's long-standing commitment to reducing its carbon impact by managing business in a responsible way, with environmental and social considerations as factors,' Laxmi Bank said.

The Partnership for Carbon Accounting Financials (PCAF) was launched globally in September 2019. Currently, more than 180 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.

In addition, the Science Based Targets initiative has officially endorsed PCAF's methodology as a universal method for calculating and disclosing financial products' greenhouse gas emissions.

"We believe measuring and reporting financed emissions from our business will help guide our risk assessment and climate strategy" said Ajaya Shah, Chief Executive Officer Laxmi Bank. "PCAF links well with our 'Orange Loves Green' initiative, to preserve and create a sustainable ecosystem. We are committed to taking concrete and meaningful actions to promote sustainability for our future generations."

Laxmi Bank, established in 2002, currently providing services through its 140 branches across 50 districts, 5 hospital service counters, 9 extension counters, 170 ATMs, 2,500 remittance agents, 63 branchless banking agents spread across the country and a host of IT enabled channels, the Bank serves a wide range of customers.