SBTi Calls for Participants to Pilot Upcoming Draft Financial Institutions Net-Zero Standard

10th Jul 2024

Financial Institutions (FIs) worldwide that wish to inform and learn from the SBTi’s development of the Financial Institutions Net-Zero (FINZ) Standard can now apply to be part of the pilot.

The SBTi is developing the FINZ Standard to enable FIs to leverage their role as enablers and facilitators in the global economy, and drive the net-zero transformation.

As outlined in the Standard Operating Procedure for the Development of SBTi Standards, pilot testing may occur during the development process to collect feedback on the implementation of draft standards.

This pilot is an opportunity for participating FIs to gain unique insights into the draft standard*. They will engage with the SBTi to clarify and address issues raised and provide feedback, including through Q&A sessions and surveys.

The Terms of Reference for the pilot test outlines the selection criteria for FIs, objectives and timeframe of the testing and responsibilities of participants. It also outlines how the SBTi will engage with the selected FIs.

The pilot test will begin on August 19th 2024 and last for a minimum of six weeks. Interested FIs should complete the FINZ Standard - Consultation Draft Pilot Testing Application Form by August 9th 2024. The draft standard for piloting will be released by the end of July 2024.

The project team will evaluate submissions to ensure that the group of FIs invited to participate cover a diverse range of financial activity types, emissions profiles, geographies and business sizes.

The SBTi has also released the Terms of Reference that have informed the development of the FINZ Standard. It highlights the thorough and transparent development process followed to date, including exhaustive research, expert advisory and public consultation. It also details the project’s objectives, the proposed timeline and lists the final deliverables that stakeholders can expect.

All interested parties can submit feedback on the draft standard through the consultation process, starting at the end of the month, and throughout the process via the Project Feedback Form. To be first to hear about the upcoming FINZ Draft public consultation, sign up to our newsletter and follow the SBTi on LinkedIn and X (formerly known as Twitter).

*Targets developed through the pilot test will not constitute formally validated science-based targets. Following the pilot, the FIs may use insights gained during the pilot to formally submit targets for SBTi validation.