Suez Canal Bank has joined the Partnership for Carbon Accounting Financials (PCAF), a global initiative with over 700 financial institutions across six continents, focused on standardizing the measurement and disclosure of financed emissions from lending and investment activities. This step highlights the bank's efforts to incorporate climate considerations into its operations, aligning with Egypt's government and Central Bank directions toward a greener, low-carbon economy.
Suez Canal Bank announced its official membership in the Partnership for Carbon Accounting Financials (PCAF), a global effort involving more than 700 financial institutions spanning six continents. The partnership seeks to standardize the assessment and reporting of carbon emissions tied to lending and investment portfolios.
This development underscores the bank's dedication to embedding environmental sustainability into its core activities, consistent with the Egyptian government's and Central Bank of Egypt's push for a low-carbon economy. Through PCAF's frameworks, the bank aims to pinpoint high-carbon sectors in its lending, improve credit and portfolio risk evaluations, and develop customized green and transitional finance options for clients.
The affiliation represents a key achievement in the bank's alignment with international environmental, social, and governance (ESG) reporting standards, adherence to emerging regulations, and pursuit of climate-focused investments.
Akef El Maghraby, CEO and Managing Director of Suez Canal Bank, stated: "The bank has already implemented proactive measures to gauge emissions from its financing activities. Joining PCAF is a pivotal move to integrate sustainability into our business model, reinforcing our pledge to unified global methodologies that boost transparency and advance green finance, in harmony with Egypt’s National Climate Change Strategy and Egypt Vision 2030."
Angélica Afanador, Executive Director of the PCAF Secretariat, welcomed the bank's entry, calling it a vital advancement for sustainable finance in Egypt. She emphasized that the commitment to tracking and disclosing emissions from financial operations heightens regional transparency and delivers tangible progress in emissions oversight.
The announcement came on January 25, 2026.