Scope 3 · Category 15
Scope 3 Category 15: Investments
Scope 3 Category 15 covers emissions associated with investments — equity, debt and project finance — proportional to your share of the investee. It is the primary Scope 3 category for financial institutions and holding companies, and usually follows PCAF or similar financed-emissions methods on top of investee inventories.
Category 15 covers emissions associated with investments — equity, debt and project finance — typically using PCAF or similar financed-emissions methods.
Financial institutions and holding companies should prioritise Category 15. Use outstanding investment amounts and investee emissions or sector intensities per your financed-emissions framework.
Non-financial SMEs often exclude Category 15 as immaterial — document that decision.
Related activity data
Related scopes
By activity data
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Frequently asked questions
- Is Category 15 only for banks?
- It is most material for financial institutions, but any organisation with material investments may need it. Many non-financial SMEs justifiably exclude it.
- What method should I follow?
- PCAF (Partnership for Carbon Accounting Financials) is the common reference for financed emissions. Align attribution factors with that guidance.
- Do I need investee Scope 3?
- Start with investee Scope 1/2 where data exists; expand to investee Scope 3 as data quality allows and your framework requires.
- How is this different from Category 1 shareholdings?
- Minor shareholdings held as investments follow Category 15 methods, not Category 1 purchased goods.
- What if investees have no inventory?
- Use sector intensity proxies and flag data quality scores — then engage for primary inventories on the largest positions.