Attribution factor
ESG & GovernanceThe share of a borrower's or investee's emissions that a lender or investor counts as its own, based on its share of the company's financing.
Under PCAF, for a listed company the attribution factor is the amount outstanding divided by the company's enterprise value including cash (EVIC). For an unlisted company, it is the amount outstanding divided by total equity plus debt. For project finance, it is the lender's share of the project's total equity and debt. Market price swings change EVIC, so a listed company's attributed emissions can move even if its real emissions do not.
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