Scope

What Part B covers

Part B covers facilitated emissions: capital-markets transactions a firm arranges — underwriting a bond or equity issuance — without holding the resulting position on its own balance sheet PCAF Standard, Part B.

The formula mirrors Part A's attribution logic, then applies a fixed weighting: the facilitated amount (total raised × league-table credit) divided by the same denominator as Part A's equivalent asset class, multiplied by 33% and the issuer's emissionsGHG Protocol Scope 3 TWG, Nov 2024.

The maths

Why 33%

PCAF applies a fixed 33% weighting to all in-scope capital-markets issuances, derived from the Basel Committee's G-SIB assessment methodologyPCAF Standard, Part B, Dec 2023.

PCAF describes it as the conservative choice — it equals the highest weighted relative importance of underwriting versus balance-sheet exposure across 11 years of G-SIB assessment reports PCAF Standard, Part B.

The unweighted 100% figure may still be reported alongside the 33%-weighted one.

What's covered

One edition since 2023, and a narrower scope than it looks

PCAF's update on 2 December 2025 touched Part A and Part CPCAF, 2 December 2025.

Part B remains at its first edition, published December 2023 — a "PCAF 2025" claim that includes Part B without saying so is imprecisePCAF Standard, Part B, Dec 2023.

  • Underwriting facilities — as distinct from underwriting a securities issue — are explicitly not covered
  • Facilitated emissions are reported separately from financed emissions, not combined into one figure

The full attribution method and the ten Part A asset classes it borrows its denominators from are on the Part A page.

Why it matters

Facilitated emissions and UK SRS

IFRS S2 requires financed-emissions disclosure but does not itself require facilitated- emissions disclosure from investment banks — the ISSB considered and declined to add that requirement IFRS S2 amendments, Dec 2025.

UK SRS S2 incorporates the December 2025 IFRS S2 amendments in full, and the FCA's proposed UK application sits in consultation paper CP26/5FCA CP26/5.

A bank that discloses Part B anyway is going beyond the letter of IFRS S2 — voluntarily, using PCAF's method, because it is the one most investors already expectPCAF.