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Enterprise Sustainability · PCAF

Financed emissions, scored against all seven PCAF asset classes.

Lenders and investors don't just need their own footprint - they need their portfolio's. SYNE covers all seven PCAF asset classes, with a data-quality score attached position by position, aligned to PCAF and GCF expectations.

01 · PCAF asset class

Listed Equity & Corporate Bonds.

PCAF's flagship asset class, and usually the largest single share of a diversified portfolio's financed emissions. Attribution runs by ownership share for equity, and outstanding-amount share for bonds.

Attribution Methodology

Emissions attributed by your share of the company, not the company's total footprint applied wholesale.

Ownership share for listed equity
Outstanding-amount share for corporate bonds
Enterprise value including cash (EVIC) as denominator

Instrument Coverage

Covers common equity, preferred equity, corporate bonds and hybrid instruments in one methodology.

Common & preferred equity
Corporate bonds & hybrid instruments
Consistent treatment across the holding period

Data Quality Scoring

Every position carries a PCAF data-quality score from 1 (verified, reported) to 5 (estimated, unverified).

Score attached position by position, not portfolio-wide
Verified emissions data scored highest
Estimated/sector-average data flagged clearly
Why this asset class matters most

The largest share of most financial institutions' financed emissions.

Listed equity and corporate bonds typically represent the single biggest asset class in a diversified investment book - getting the attribution and data quality right here moves the whole portfolio number more than any other category.

EVICStandard denominator
1-5Data quality scale
Position-levelAttribution granularity
02 · PCAF asset class

Business Loans & Unlisted Equity.

Financed emissions for lending and private equity where there's no public market price to anchor attribution - scored against borrower-level activity data where it exists, sector averages where it doesn't.

Borrower-Level Activity Data

Where a borrower is already on SYNE or submits data directly, financed emissions are built from their real activity data.

Direct data collection from borrowers on-platform
Real activity data prioritised over sector proxies

Sector-Average Fallback

Where borrower data isn't available, a sector-average emission factor is applied and clearly flagged as such.

Sector-average factors by industry classification
Data quality score reflects the fallback honestly

Portfolio Roll-Up

Every loan and unlisted equity position rolls up into one portfolio-level financed-emissions figure.

Full lending book aggregation
Attribution by outstanding loan or equity balance
03 · PCAF asset class

Project Finance.

Emissions attributed to project finance - energy, infrastructure and industrial projects - weighted by the lender's equity or debt share in the specific project, not the sponsor's total balance sheet.

Equity & Debt Share Attribution

Emissions attributed strictly by your financial share in the named project.

Attribution by equity or debt share in the project
Ring-fenced to the project, not the parent company

Asset-Level Emissions Data

Where project-level operational data exists, it's used directly rather than a sector proxy.

Direct emissions data from the financed asset where available
Covers energy, infrastructure & industrial projects
04 · PCAF asset class

Commercial Real Estate & Mortgages.

Building-level energy and emissions data attributed to the financed share of the property - covering both commercial real estate lending and residential mortgages under one methodology.

Building-Level Energy Intensity

Emissions calculated from actual building energy use where available, not a regional average per square metre.

Metered energy data where available
Regional building-type average as fallback, clearly flagged

Attribution by Loan Balance

Financed share calculated against outstanding loan balance relative to property value.

Outstanding balance as the attribution basis
Consistent across commercial & residential

Commercial & Residential Coverage

One methodology spanning both commercial real estate lending and residential mortgage books.

Commercial real estate loans
Residential mortgage portfolios
05 · PCAF asset class

Motor Vehicle Loans.

Financed emissions for vehicle loans and leases, scored against vehicle-level fuel type and mileage data rather than a flat per-vehicle average.

Vehicle-Level Fuel & Mileage Data

Emissions calculated from the specific vehicle's fuel type and estimated or reported annual mileage.

Fuel type & engine specification by vehicle
Annual mileage estimate or odometer data where available

Attribution by Loan Balance

Financed emissions scaled to the outstanding loan or lease balance against vehicle value.

Outstanding balance as the attribution basis
Consistent treatment for loans & leases

Fleet-Level Roll-Up

Commercial fleet lending aggregates to a single fleet-level financed-emissions figure.

Fleet-level aggregation for commercial lenders
Individual vehicle detail preserved underneath
06 · PCAF asset class

Sovereign Debt.

Country-level emissions attributed to sovereign bond holdings, using national GHG inventory data rather than a corporate-style activity model.

National GHG Inventory Data

Sovereign emissions sourced from official national inventory submissions as the base data set.

National inventory data as the emissions base
Updated as new national submissions are published

Attribution by GDP or Debt Share

Emissions attributed by your holding's share of the country's GDP or total outstanding sovereign debt.

GDP-based or debt-outstanding-based attribution
Aligned to PCAF's sovereign methodology
07 · PCAF asset class

Data Quality, Scored Consistently Across Every Asset Class.

The seventh piece isn't a separate asset class - it's the discipline that ties the other six together. Every position, in every asset class, carries the same 1-to-5 PCAF data-quality score.

Score 1-2: Verified & Primary Data

Actual reported emissions data, verified against underlying records - the highest confidence tier.

Company-reported, verified emissions data
Asset-specific data collected directly

Score 3-4: Estimated & Modelled

Modelled from activity data or physical output where direct emissions reporting isn't available.

Physical activity-based estimation
Modelled from production or revenue data

Score 5: Sector Average

The lowest confidence tier - a sector-average emission factor applied where no better data exists, always flagged.

Sector or asset-class average applied
Clearly flagged, never presented as verified

See this priced into a lending product.

PCAF-aligned financed emissions data feeds directly into Green Finance's sustainability-linked pricing.