First Capital joins partnership for Carbon Accounting Financials (PCAF)
View(s):First Capital Holdings PLC, a subsidiary of JXG (Janashakthi Group) and a pioneering full-service investment institution, announced its official membership in the Partnership for Carbon Accounting Financials (PCAF), becoming the first capital markets institution in Sri Lanka to join this global initiative.
This marks a significant step in First Capital’s sustainability journey, further deepening its commitment to Environmental, Social and Governance (ESG) principles and aligning its operations with global climate goals, the company said in a media release.
PCAF is an international collaboration of over 600 financial institutions worldwide, working to develop and implement a standardised framework to measure and disclose the greenhouse gas (GHG) emissions associated with financial activities. Through this membership, First Capital adopts the PCAF framework for measuring financed emissions.
“At First Capital, sustainability is not a peripheral agenda. It is at the heart of everything we do,” said Dilshan Wirasekara, Managing Director and CEO of First Capital Holdings PLC. “Becoming a PCAF signatory is a natural evolution of our commitment to responsible investing and climate action. We are proud to lead the capital market industry in Sri Lanka by joining this global movement and setting a precedent for aligning financial portfolios with climate science.”
With this initiative, First Capital joins a growing network of financial institutions globally that are empowering the financial system to quantify and manage its climate impact. Financed emissions, those generated by loans, investments, and other financial instruments have emerged as a key focus for regulators and stakeholders due to the financial sector’s indirect, yet significant role in supporting high-emission industries.
Although financial institutions may not be direct emitters, the capital they mobilise has a profound influence on global emissions. Measuring financed emissions under framework such as PCAF is rapidly becoming a regulatory and strategic imperative. SLFRS S2 mirrors international expectations and requires financial institutions to evaluate their role in supporting or mitigating climate change.
For the financial year 2024/25, First Capital reported a total of 309.9 tCO₂e under Scope 1, 2, and 3 emissions, excluding financed emissions. By adopting the PCAF Standard, the firm is now positioned to assess and report its financed emissions as well, providing a comprehensive picture of its climate impact and aligning its disclosures with both local and global expectations.
“Joining PCAF allows us to move beyond operational emissions and look at the broader picture on how the capital we allocate influences climate outcomes,” said Diluni Danushika, Head of Sustainability and Corporate Reporting at First Capital Holdings PLC.
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