Suez Canal Bank officially joins the Partnership for Carbon Accounting Financials (PCAF)

Cairo 25 JAN 2025:

Suez Canal Bank has officially joined the Partnership for Carbon Accounting Financials (PCAF), a global initiative that includes more than 700 financial institutions across six continents, with the aim of standardizing the measurement and disclosure of financed emissions resulting from lending and investment activities.

This step reflects Suez Canal Bank’s ongoing efforts to integrate climate considerations across its operations and confirms the bank’s keenness to support environmental sustainability and aligning with the direction of the Egyptian government and the Central Bank of Egypt towards a greener, low-carbon economy.

Implementing PCAF methodologies will enable Suez Canal Bank to identify carbon-intensive sectors within its financing portfolio, enhance credit and portfolio risk assessments, and strengthen the bank’s ability to design green and transition finance solutions tailored to client needs.

This membership represents an important milestone in the bank’s efforts to adopt international best practices in environmental, social and governance (ESG) disclosure, meet evolving regulatory requirements, and unlock new opportunities to attract climate-aligned investments.

In this context, Mr. Akef El Maghraby, CEO and Managing Director of Suez Canal Bank, stated that the bank has already taken early proactive steps to measure the emissions associated with its financing portfolio. He added that joining PCAF is a key step in integrating sustainability into the bank’s business model and reinforces the bank’s keenness to adopting unified international methodologies that enhance transparency and support the development of green financing solutions in line with Egypt’s National Climate Change Strategy and Egypt Vision 2030.

For her part, Angélica Afanador, Executive Director – PCAF Secretariat, expressed her pleasure with Suez Canal Bank’s accession to the partnership, describing it as an important step to advance sustainable finance efforts in Egypt. By committing to measuring and reporting emissions related to financial activities, Suez Canal Bank improving transparency for the region and takes steps towards emissions management.

About Suez Canal Bank

Suez Canal Bank is an Egyptian joint stock company established as a commercial bank in 1978. The Bank’s issued and paid-up capital amounts to EGP 6.5 billion, distributed over 650 million shares, while its authorized capital stands at EGP 10 billion.

Suez Canal Bank provides a wide range of banking products, financial services, and tailored solutions to both corporate and individual clients through 55 branches in Egypt and a representative office in Libya, including one branch dedicated to Islamic banking services. SCB also operates an extensive network of ATMs across Egypt, in addition to a global network of correspondent banks.

About PCAF

The Partnership for Carbon Accounting Financials (PCAF) was launched globally in September 2019. Currently, more than 700 financial institutions 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 this context, on the other hand, there are many related sector news items that you can follow. For example, we highlight the most important ones in the following list:

• Suez Canal Bank Signs a Strategic Partnership Agreement with Visa to Support Digital Transformation and Develop Innovative Payment Solutions
• Suez Canal Bank Signs Cooperation Protocol with “e-Aswaaq Misr” to Expand SME Financing and Support Digital Economy