Skip to main content

      15 December 2025, Hong Kong (SAR), China (“Hong Kong”) – KPMG in China has deepened its commitment to supporting its clients’ sustainability goals by becoming an accredited partner of PCAF (the Partnership for Carbon Accounting Financials), a globally recognised standard-setter that helps financial institutions improve how they measure and manage financed emissions.

      KPMG’s accreditation follows a recent update to the PCAF Standard1, which now enables more comprehensive tracking of emissions across a wider range of financial products. This will enhance KPMG’s carbon accounting services, including financed emissions calculations, net-zero strategy development for lending and investment portfolios, carbon assurance services, and support with sustainability disclosure requirements.

      Daisy Shen Daisy Shen, Head of ESG at KPMG in China, says:
      open quote

      Becoming an accredited PCAF partner is an important milestone in KPMG’s support for a more transparent, resilient financial system. By combining PCAF’s robust Standard with KPMG’s deep experience in climate risk assessments, decarbonisation strategy, and reporting, we can help financial institutions measure financed emissions with greater confidence and turn insight into action.

      close quote
      Ivan Frishberg, President of PCAF, says:
      open quote

      PCAF is delighted to welcome KPMG as an accredited partner. KPMG’s combination of climate expertise, data capabilities and sector knowledge make them a highly valuable partner for the finance industry. Working together, we can make high-quality financed-emissions accounting more accessible, and support financial institutions in bringing rigour and innovation to carbon management in an opportunity-rich financial system.

      close quote
      Thea Tiange Wei, Asia Pacific Lead for PCAF, says:
      open quote

      The Asia Pacific and Greater China region is significantly growing its capacity for carbon accounting and climate action. With expert partners like KPMG in China who we have built an even more powerful team to support our leading financial institutions, our Accredited Partner program properly equips and vets financial industry service providers to deliver the highest quality support for the industry.

      close quote

      Clear reporting and measurement key to net zero

      Sustainability continues to be a priority for policymakers worldwide. In recent years, China’s major stock exchanges have tightened requirements for climate-related disclosures2, aligning closely with ISSB standards. This includes more granular greenhouse gas emissions data, climate risk assessments, and the integration of climate considerations into corporate strategy and governance. Robust measurement and transparent reporting are essential to meet these expectations.

      Angus Choi Angus Choi, Partner, ESG Advisory at KPMG in China, explains:
      open quote

      Currently, many financial institutions still limit their financed emissions reporting to selected sectors, which makes it difficult to build a complete view across all lending activities. Accurate measurement and transparency are essential for banks to maintain credibility and avoid accusations of greenwashing. Our accreditation with PCAF equips us with more comprehensive tools to help financial institutions build trust and make meaningful progress in managing their financed emissions and achieving their targets.

      close quote

      A recent KPMG report3 found that over half of Hong Kong-listed companies have yet to disclose their Scope 3 emissions, mainly due to data challenges. Scope 3 emissions represented about 70% of total greenhouse gas emissions for most companies surveyed, underscoring the importance of improving data coverage and quality.

      Richard Bernau, Global ESG Lead, Banking & Capital Markets, KPMG International, says:
      open quote

      Climate transparency is not just a compliance exercise; it is a source of competitive advantage. By combining KPMG’s sector insights with PCAF-aligned methodologies, we can help clients better identify transition risks and, critically, the growth opportunities in financing decarbonisation.

      close quote
      pcaf
      alt

      -Ends-

      1 The PCAF Standard provides a comprehensive methodology for financial institutions to measure and report greenhouse gas emissions associated with their lending and investment activities.

      2 China Stock Exchanges Finalised Mandatory Sustainability Reporting Requirements for Larger Listed Entities;
      Driving Change: Climate Disclosure of Hong Kong Listed Companies in Key Sectors and the Road Ahead

      3 Driving Change: Climate Disclosure of Hong Kong Listed Companies in Key Sectors and the Road Ahead

      Media inquiries

      Isis Wong
      Direct: +852 3927 5810
      Email: iw.wong@kpmg.com

      Carrie Wong
      Direct: +852 3927 5636
      Email: cy.wong@kpmg.com

      Isabel Kwok/ Angela Wong
      CDR
      Direct: +852 3103 0123 / +852 3103 0113
      Email: KPMG@cdrconsultancy.com

      Find out how KPMG's expertise can help you and your company.

      Click to begin
      Connect with us

      About PCAF

       

      The Partnership for Carbon Accounting Financials is an industry-led initiative. Created in 2015 by Dutch financial institutions, PCAF extended to North America in 2018 and scaled globally in 2019. Committed to the measurement and disclosure of the absolute GHG emissions of their portfolios, this industry-led initiative has rapidly expanded in North America, Latin America, Europe, Africa, and Asia Pacific, with more than 680+ financial institutions participating in PCAF. Established to promote a harmonized approach to accounting and disclosure, PCAF provides standardized methodologies that help financial institutions assess the GHG emissions associated with their portfolio of loans, investments, (re)insurance underwriting, and other financial products and services. Financial institutions collaborate to improve GHG methodologies for the industry, forming a community focused on shared knowledge and action.

      About KPMG

      KPMG in China has offices located in 31 cities with over 14, 000 partners and staff, in Beijing, Changchun, Changsha, Chengdu, Chongqing, Dalian, Dongguan, Foshan, Fuzhou, Guangzhou, Haikou, Hangzhou, Hefei, Jinan, Nanjing, Nantong, Ningbo, Qingdao, Shanghai, Shenyang, Shenzhen, Suzhou, Taiyuan, Tianjin, Wuhan, Wuxi, Xiamen, Xi'an, Zhengzhou, Hong Kong SAR and Macau SAR. It started operations in Hong Kong in 1945. In 1992, KPMG became the first international accounting network to be granted a joint venture licence in the Chinese Mainland. In 2012, KPMG became the first among the “Big Four” in the Chinese Mainland to convert from a joint venture to a special general partnership.

      KPMG is a global organisation of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited ("KPMG International") operate and provide professional services. "KPMG" is used to refer to individual member firms within the KPMG organisation or to one or more member firms collectively.

      KPMG firms operate in 138 countries and territories with more than 276, 000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities.