Net-zero for financial institutions

The SBTi is running a transparent, inclusive process to develop the first science-based global Standard for financial sector net-zero targets. The goal is to enable financial institutions to set emission reduction targets that are consistent with achieving net-zero cross their portfolios by 2050.

Foundations for Science-Based Net-Zero Target Setting in the Financial Sector

Net-zero commitments in the financial sector are increasing. However, there remains a lack of standardization to evaluate and validate these pledges, which limits the ability of financial institutions (FIs) to drive the decarbonization of the real economy in line with 1.5°C.

The SBTi’s FI Net-Zero Standard is intended to move this process forward and provide the clarity and scientific basis the sector needs to achieve net-zero target-setting.

Aims of the SBTi FI Net-Zero Standard development process

Our development process aims to:

  • Define the basis of a target-setting standard that enables FIs to use their influence to achieve economy-wide net-zero emissions before 2050.
  • Provide clarity on key concepts, such as what it means to reach net-zero for an FI, transition metrics and the components of credible science-based net-zero targets.
  • Establish recommendations and qualitative and quantitative criteria to assess financial net-zero targets - through a transparent and inclusive multi-stakeholder engagement process.

FI Net-Zero: Foundations Paper and Public Consultation Feedback Summary

The Foundations for Science-Based Net-Zero Target Setting in the Financial Sector paper was published in April 2022. Developed following a rigorous public consultation involving feedback from over 250 individuals in public workshops and 130 responses from an online survey, it represented the first step in developing a science-based, FI Net-Zero Standard. It sets out principles, definitions, metrics and target formulation considerations for FIs to set quantitative net-zero targets linked with emissions reductions in the real economy.

In 2023 the SBTi released a SBTi Financial Institutions Net-Zero (FINZ) Standard Conceptual Framework and Initial Criteria for a two-month transparent, multi-stakeholder public consultation.

The SBTi is now reviewing and assessing the feedback received and planning future activity with the aim of developing a FINZ Standard that will enable FIs to establish credible near- and long-term net-zero targets across their portfolios and operations.

Governance and oversight

The SBTi has established and regularly convenes a dedicated FI Net-Zero Expert Advisory Group (EAG) to guide the development process. The current members are:

  • Adrian Chapman
  • Adrian Fenton, PhD
  • Alberto Gervasini
  • Alex MacGillivray
  • Alexandra Paltschik Rønneberg
  • Amita Chaudhury
  • Amanda Selhammer
  • Andrew Howell
  • Andrew Hutchison
  • Anne de Claremont
  • Anindita Pal
  • Caroline Clarke
  • Christina Ng
  • Christine Mwangi
  • Cynthia Cummis
  • Eric Christensen
  • Erik Lam
  • Flora Min
  • Franco Piza
  • Gauthier Faure
  • Gustav Magnusson
  • Henrietta Stock
  • Ian Edwards
  • Jan Willem van Gelder
  • Jane Thorstrup Jagd
  • Jean-Yves Wilmotte
  • Jesica Andrews
  • Joy Williams
  • Julia Bingler, PhD
  • Julien Manceaux
  • Justine Bolton
  • Katharina Dittrich
  • Kerry Constabile
  • Lars Erik Mangset
  • Leyla Javadova
  • Lucy McCracken
  • Minyoung Shin
  • Mischa Repmann
  • Patricia Moles
  • Paul Greenop
  • Paul Schreiber
  • Peter Sandahl
  • Raphael Slade
  • Richard Cantor
  • Serge Younes, PhD
  • Shu Ling Liauw
  • Simone Kramer
  • Skender Sahiti-Manzoni
  • Sofía Burford Arauetes
  • Sylvain Vanston
  • Xavier Lerin

Development timeline

An outline of the provisional development process through the first half of 2023 is set out below.


April: Publication of the Foundations for Science-Based Net-Zero Target Setting in the Financial Sector paper

June - August: Establishment of the SBTi FI Net-Zero Expert Advisory Group


June: Release of FI Net-Zero Standard Conceptual Framework and Initial Criteria Consultation Draft


For queries relating to the development process, please contact [email protected]