PCAF Part B · Facilitated emissions
PCAF Part B: facilitated emissions and the 33% weighting
PCAF Part B measures facilitated emissions: the emissions tied to capital-markets issuances a bank arranges for other investors to hold.
It applies the same attribution logic as financed emissions, then weights the result at 33%.
It has been the December 2023 first version since publication.
The distinction
Facilitated is not financed
Financed emissions come from what an institution holds.
Facilitated emissions come from what it arranges: helping a company issue bonds or shares that other investors then hold.
PCAF’s Part B executive summary puts the difference in one sentence: the facilitator’s role “is not directly equivalent with the provision of capital by a financial institution when it uses its balance sheet to extend loans and equity”.
The GHG Protocol’s Category 15 working paper quotes Part B as viewing facilitation “as a separate but important metric”.
So the two figures are reported apart, and a facilitated total is never folded into financed emissions.
The balance-sheet method is on PCAF Part A, and the three Parts together on the PCAF Standard.
| Financed — Part A | Facilitated — Part B | |
|---|---|---|
| The relationship | The institution holds a loan, bond or stake | The institution helps an issuer place instruments with investors |
| Balance sheet | On it | Passed on to investors |
| Numerator | Outstanding amount | Amount raised × league-table credit |
| Weighting | None | 33% |
| Emissions year | The reporting year | The year the facilitation occurs |
The number
Why 33%, and not 100%
PCAF weights facilitated emissions at 33%.
In the executive summary’s words, the figure is “based on the Basel Committee on Banking Supervision’s Basel Framework on the systemic importance of key activities that banks undertake”.
It is applied to the emissions of the issuer, after attribution.
PCAF’s launch notice says the Standard requires institutions to report using the 33% weighting factor and to “disclose the applied weighting factor clearly”.
It also allows the unweighted figure, at 100%, to be reported in addition, “as long as this is reported separately with clear rationale”.
A 33%-weighted figure and a 100% figure differ by a factor of three for the same deals.
Check which one a bank has published before comparing it with another.
The formula
From amount raised to tonnes
Part B borrows its denominators from Part A, then adds a credit share and the weighting.
| Step | What it is | Where it comes from |
|---|---|---|
| 1 · Facilitated amount | Total amount raised in the issuance × the institution’s league-table credit | PCAF Part B executive summary |
| 2 · Attribution factor | Facilitated amount ÷ enterprise value including cash (listed issuer) or total equity + debt (unlisted issuer) | PCAF Part B executive summary |
| 3 · Emissions | The issuer’s reported or estimated annual emissions in the year the facilitation occurs | PCAF Part B executive summary |
| 4 · Facilitated emissions | Attribution factor × 33% × emissions | PCAF Part B; launch notice |
Because there is usually more than one bank on a deal, PCAF says it is important to split responsibility between the facilitators in a consistent manner, which is what the league-table credit does.
The emissions are those of the year of the deal: PCAF says the association “shall be accounted for in the year the facilitation occurs”.
The denominators are the same ones Part A uses for listed and unlisted companies, explained on PCAF Part A financed emissions.
Try it
Enter one deal, see both figures
The calculator applies the Part B formula to a single issuance.
Enter the amount raised, your league-table credit, the issuer’s denominator and its emissions in the year of the deal.
It returns the 33%-weighted figure the Standard requires and, beneath it, the unweighted figure PCAF allows you to report separately.
The starting figures are invented and illustrative; they describe no real deal.
Facilitated emissions · illustrative
- Facilitated amount
- £250m
- Attribution factor
- 6.250%
- Facilitated emissions, 33% weighted
- 2,475 tCO₂e
- Unweighted (100%), shown separately
- 7,500 tCO₂e
Illustrative only: enter your own figures. Method from PCAF Part B, Facilitated Emissions (December 2023). This is arithmetic, not advice on how to report.
Edition
One version since December 2023
PCAF launched Part B on 1 December 2023, and its standard page still lists it at December 2023.
PCAF’s update of 2 December 2025 changed Part A and Part C and left Part B as it was.
So a statement that a bank reports under “PCAF 2025” is true of its financed emissions and not of its facilitated emissions.
PCAF is an industry-led partnership, and the GHG Protocol describes the Standard on its own financial industry page.
Part B post-dates the GHG Protocol’s review of Part A’s 2020 first edition, so it carries no Built on GHG Protocol mark.
In the UK
Facilitated emissions and UK SRS S2
The ISSB’s December 2025 amendments to IFRS S2 added ¶29A, which lets an entity limit its Scope 3 Category 15 figure to financed emissions.
The Basis for Conclusions to those amendments gives the examples: “facilitated emissions that are associated with investment banking activities”, and insurance-associated emissions from underwriting.
UK SRS S2, published by the Department for Business and Trade on 25 February 2026, carries ¶29A, because it includes the ISSB’s December 2025 amendments.
It is a voluntary standard; the FCA’s final rules in PS26/19, following CP26/5, require listed companies in scope to report against it on a comply-or-explain basis from 1 January 2027.
A bank that publishes Part B figures is therefore going beyond what IFRS S2 and UK SRS S2 require, not meeting a requirement of either.
The baseline those standards endorse is on the IFRS Sustainability Standards Navigator, and how a lender’s whole disclosure fits together is on UK SRS for banks.
The insurance counterpart to Part B is PCAF Part C.
Nothing on this page is financial, investment or legal advice.
Frequently asked
PCAF Part B — frequently asked
What is PCAF Part B?
Part B is the Facilitated Emissions part of the PCAF Standard. It covers the greenhouse gas emissions associated with capital-markets transactions a financial institution facilitates — helping a company issue instruments to investors — rather than loans and investments it holds on its own balance sheet. PCAF published it on 1 December 2023 as a first version, and it has not been updated since.
What is a facilitated emission?
It is the share of an issuer’s emissions attributed to a financial institution that helped it raise capital in the capital markets. PCAF says the role of a facilitator is not directly equivalent to providing capital from the balance sheet, which is why facilitated emissions are measured differently from financed emissions.
Why does PCAF apply a 33% weighting?
PCAF’s Part B executive summary says the 33% weighting is based on the Basel Committee on Banking Supervision’s Basel Framework on the systemic importance of the key activities banks undertake. The weighting is applied to the emissions of the issuer, and PCAF requires the applied weighting factor to be disclosed clearly.
Can facilitated emissions be reported at 100%?
Yes, in addition. PCAF’s launch notice says the Standard offers the option to additionally report facilitated emissions without weighting, at 100%, as long as this is reported separately with a clear rationale. The 33%-weighted figure is the one the Standard requires.
How are facilitated emissions calculated?
The facilitated amount is the amount raised multiplied by the institution’s league-table credit. It is divided by the issuer’s enterprise value including cash (listed) or total equity plus debt (unlisted), and the result is multiplied by the 33% weighting and the issuer’s emissions. The emissions are those of the year in which the facilitation occurs.
Is PCAF Part B part of the December 2025 update?
No. PCAF’s update of 2 December 2025 changed Part A and Part C. Part B remains the December 2023 first version.
Does IFRS S2 or UK SRS S2 require facilitated emissions?
No. Paragraph 29A, added by the ISSB in December 2025 and carried into UK SRS S2, lets an entity limit its Scope 3 Category 15 figure to financed emissions. The ISSB’s Basis for Conclusions names facilitated emissions from investment banking as an example of the other Category 15 emissions that can be left out.
Sources
Primary sources
Every figure, date and status on this page traces to the instrument’s owner. Secondary commentary is never the source for a number.
- PCAFPart B: Facilitated Emissions, first version (December 2023)
The Standard itself.
- PCAFPart B: Facilitated Emissions — executive summary (December 2023)
The 33% weighting and its Basel basis; the formula; the year of facilitation.
- PCAFPCAF launches a new accounting and reporting standard for capital markets (1 December 2023)
Disclose the applied weighting; optional 100% figure reported separately with a clear rationale.
- PCAFPCAF launches updated GHG accounting standard (2 December 2025)
The December 2025 update covered Parts A and C.
- PCAFThe Global GHG Accounting and Reporting Standard — standard page
Part B listed at December 2023.
- PCAFAbout PCAF
Who publishes the Standard.
- GHG ProtocolScope 3 TWG Discussion Paper C.1, Investments (Category 15), working draft, 7 November 2024
Quotes PCAF Part B: PCAF "views facilitation as a separate but important metric".
- GHG ProtocolGlobal GHG Accounting and Reporting Standard for the Financial Industry — GHG Protocol page
The GHG Protocol’s page on the PCAF Standard.
- IFRS FoundationAmendments to Greenhouse Gas Emissions Disclosures (IFRS S2), ¶29A and BC121D
Category 15 may be limited to financed emissions; facilitated emissions named as another Category 15 type.
- IFRS FoundationISSB issues targeted amendments to IFRS S2
December 2025 announcement.
- IFRS FoundationIFRS Sustainability Standards Navigator
IFRS S2, the baseline for UK SRS S2.
- Department for Business and TradeUK SRS S2, ¶¶29A and B59–B63A
The UK standard carries the ISSB’s ¶29A.
- Department for Business and TradeUK SRS S1 and UK SRS S2 — publication page
Published 25 February 2026 for voluntary use.
- Financial Conduct AuthorityPS26/19: Aligning listed issuers’ sustainability disclosures with international standards (30 September 2026)
The final rules: listed companies in scope report against UK SRS on a comply-or-explain basis for accounting periods starting on or after 1 January 2027, with a one-year Scope 3 relief.
- Financial Conduct AuthorityCP26/5 — Aligning listed issuers’ sustainability disclosures with international standards
The consultation PS26/19 finalises; it had proposed mandatory UK SRS S2.