Current Affairs - Banking - Discussion

Union Bank of India has become the first major Indian bank to join the Partnership for Carbon Accounting Financials (PCAF), a global initiative that provides a standardized framework for assessing and disclosing greenhouse gas emissions linked to financial services. This move aligns with the Reserve Bank of India's (RBI) draft guidelines on climate risk disclosures, highlighting the bank's commitment to tracking and managing financed emissions. By joining PCAF, the Union Bank of India will take a significant step towards promoting sustainable finance and reducing its carbon footprint.