KATHMANDU, April 15: Laxmi Sunrise Bank has published its comprehensive Carbon Emission report up to FY 2079/80 BS for motor vehicle loans and mortgages asset class. The bank has been a signatory to the Partnership for Carbon Accounting Financials (PCAF) since December 2021.
According to a statement issued by the bank, the report reveals that the motor vehicles and residential properties financed by Laxmi Sunrise Bank have led to emissions totaling 15,965.11 tonnes of carbon dioxide equivalent (tCO2e) up until the last fiscal year (up to 16 July, 2023). Specifically, motor vehicle loans accounted for 3,644.51 tCO2e, while mortgage loans were responsible for 12,320.60 tCO2e of emissions.
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PCAF is a global partnership of financial institutions dedicated to developing and implementing a harmonized approach to assessing and disclosing the greenhouse gas (GHG) emissions associated with loans and investments. The statement added that this rigorous analysis is a crucial step in the bank's journey towards understanding and mitigating its environmental impact.
The statement reads, “With the identification of its carbon footprint quantity, Laxmi Sunrise is now stepping up to taking concrete action. The bank's multifaceted approach includes financing green projects, enhancing digital platforms for better accessibility and efficiency, developing fully-digital saving products and engaging with clients to support their transition towards more sustainable practices.”
