Definition

What the score is

PCAF requires every position in a financed-emissions inventory to be scored 1 to 5, where score 1 is the highest data quality and score 5 the lowest — that wording appears in the header of every asset-class scorecard in the standard PCAF Part A, December 2025.

Beneath the score sit three data options, in descending order of preference: Option 1, reported emissions from the counterparty; Option 2, physical activity-based estimates; Option 3, economic activity-based estimates PCAF and CDP.

The closer the data is to something the counterparty actually measured, the better the score.

The detail

Why there is no universal 1–5 table

PCAF states explicitly that data quality scoring is asset-class specific, so the same data option can carry a different numeric score in a different asset class — a single universal 1–5 table is wrong PCAF Part A, December 2025.

Three scorecards show how the pattern varies:

  • Listed equity and corporate bonds — score 1 is Option 1a: outstanding amount and EVIC known, with verified company emissions; score 2 is Option 1b: the same financial data with unverified, company-calculated emissions PCAF Part A.
  • Commercial real estate — score 1 is metered actual building energy consumption with supplier-specific emission factors; score 2 is metered data with average factors PCAF Part A.
  • Sub-sovereign debt (the generic shape) — 1 verified reported data; 2 unverified reported data; 3 physical activity-based with primary activity data and specific factors; 4 economic activity-based; 5 the weakest economic or proxy estimate PCAF Part A.

Disclosure

The weighted average you actually publish

Institutions must normalise data quality scores for each asset class and sector to the total outstanding loan or investment amount — the disclosed average is weighted by outstanding amount, not by emissions PCAF Part A, Box 6.1-6.

The standard says institutions should publish a weighted score by outstanding amount, or explain why they cannot — a should, not a shall — while the weighted score for counterparty Scope 3 emissions shall be reported separately from the score for Scopes 1 and 2 PCAF Part A, Chapter 6.