Legal & Regulatory News
Science Based Target Initiative (SBTi) financial sector resource consultation
15 June 2023On 15 June 2023, the Science Based Target Initiative (SBTi) released three draft resources for the financial sector for consultation, ending 14 August 2023. These include:-
1. SBTi Financial Institutions Net-Zero (FINZ) Standard: outlines a conceptual framework and initial criteria to help financial institutions form targets in line with the 2050 net-zero emissions objective.
2. SBTi Near-Term Financial Sector Science Based Targets Guidance V2 and Near-Term Criteria and Recommendations for Financial Institutions Version V2: a near-term framework to align with 1.5°C pathways, increasing ambition from the previous alignment to well-below 2°C pathways. Offers additional clarifications to improve interpretation and application of criteria.
3. SBTi Fossil Fuel Finance Position Paper: includes criteria to apply at the company, project and portfolio levels to prevent financial institutions from aiding the expansion of the productive capacity of fossil fuels. The paper also provides four steps to implement the criteria including disclosure, arrest, transition and phase-out.
Click here to read the SBTi Financial Institutions Net-Zero Standard Conceptual Framework and Initial Criteria.
Click here to read the Near-Term Financial Sector Science Based Targets Guidance.
Click here to read the SBTi Near-Term Criteria and Recommendations for Financial Institutions.
Click here to read the SBTi Fossil Fuel Finance Position Paper.
Click here to access the Consultation Survey for the new resource drafts.