SBTi Launches Draft Financial Sector Frameworks for Public Consultation
The Science Based Targets initiative (SBTi), the standard-setter and validation body for ambitious corporate climate action, has released three new draft resources for the financial sector for public consultation.
The open, transparent and multi-stakeholder public consultation will last 60 days between June 15 and August 14, 2023. Anyone interested in contributing their views is invited to complete the survey to provide their feedback on these draft resources.
The draft resources are:
This consultation draft provides the conceptual framework and initial criteria to be incorporated into a FINZ Standard to enable financial institutions to establish credible near- and long-term net-zero targets across their portfolios and operations.
This is the first building block of the framework as the SBTi builds towards the development of a FINZ Standard.
- CONSULTATION DRAFT: SBTi Near-Term Financial Sector Science Based Targets Guidance V2
- Near-Term Criteria and Recommendations for Financial Institutions Version V2
This draft guidance updates the SBTi’s existing near-term framework to align financial institutions’ near-term emissions reduction targets with 1.5°C pathways. It marks an increase in ambition, as previous near-term guidance was aligned with well-below 2°C pathways. In addition, clarifications have been made to improve interpretation and application. A description of the changes is available in Appendix G of the guidance document. The second document linked covers the same criteria and recommendations in the full guidance document but as an excerpt to allow for a streamlined review process and ease of reference.
This is a consultation draft of the second version of this document.
To achieve climate stabilization, financial institutions must not support the expansion of new or existing fossil fuel production capacity. As such, the SBTi Fossil Fuel Finance Position Paper presents both near- and long-term criteria to address financial institutions’ activities with fossil fuel companies.
To have your say on the future direction of these documents, complete the survey (see full PDF version) before August 14, 2023.
About the Science Based Targets initiative
The Science Based Targets initiative (SBTi) is a global body enabling businesses to set ambitious emissions reductions targets in line with the latest climate science. It is focused on accelerating companies across the world to halve emissions before 2030 and achieve net zero emissions before 2050.
The initiative is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF) and one of the We Mean Business Coalition commitments. The SBTi defines and promotes best practice in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies’ targets.
For more information please visit www.sciencebasedtargets.org. Follow the SBTi on LinkedIn or Twitter
