SBTi Launches New Foundations of Net-Zero for Financial Institutions Draft for Public Consultation
10th Nov 2021
At COP26, financial institutions with more than US$130 trillion in assets under management committed to reaching a state of net-zero before 2050. To ensure consistency, a common understanding is needed to navigate today’s varied net-zero target setting landscape.
On November 10th, the SBTi released its Net-Zero Foundations for Financial Institutions Draft for public consultation. This marks the start of the SBTi net-zero finance standard development process. This standard is needed for financial institutions to ensure that they use their unique ability and influence to finance effective climate transition activities in the real economy.
To produce a relevant, actionable, and robust foundations paper, the SBTi review process will include financial institutions, NGOs, government officials, and other stakeholders. The ensuing net-zero standard development process will generate actionable criteria, detailed guidance, and technical resources to support financial institutions with the formulation and implementation of science-based net-zero targets.
View the paper here.
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