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 focused on assessing and disclosing greenhouse gas emissions linked to financial institutions' loans and investments. This move aligns with the Reserve Bank of India's new draft guidelines on climate-related financial risk disclosures, issued in February 2024. By joining PCAF, the Union Bank of India is taking a proactive step in managing financed emissions and enhancing its climate risk strategy.