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Race To Zero Demands Further Fossil Fuel Cuts

Race to Zero (RTZ), the UN-backed global emissions reduction campaign, has updated its criteria making explicit the requirement for members to phase down and out all unabated fossil fuels. The requirement was previously seen as an implicit one, but the criteria update means it will now, in practice, mean corporationsinvestors and other RTZ-accredited organisations must restrict the development, financing, and facilitation of new fossil fuel assets, including no new coal projects. The update follows consultation with over 200 independent experts, and further changes include explicit requirements for setting Scope 3 emissions targets, aiming to ensure financial institutions address all financed emissions in their planning, as well as requiring all campaign members to publicly disclose transition plans within 12 months of joining RTZ. These criteria changes come into effect for members joining from today and all existing members will need to meet the criteria by June 2023. Nigel Topping and Mahmoud Mohieldin, High-level Climate Champions for COP26 & COP27, said: “The clarity these criteria provide, together with strengthened data transparency, will help us identify the progress made and gaps remaining. They will clearly show those actors who are truly moving ahead versus those who are trying to find loopholes.” 

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