SBTi Consults on Climate Guidance for FIs

The Science Based Targets initiative (SBTi) has launched a consultation for three new draft resources aimed at assisting banks, private equity firms, insurers, asset managers, and owners in formulating credible and comprehensive climate strategies. The goal is to provide clear guidance, criteria, and recommendations that enable these institutions to establish science-based near- and long-term targets that align with the objective of limiting global temperature rise to 1.5°C. As part of the consultation process, the SBTi will host a public webinar on 6 July, during which SBTi experts will lead participants through the development process and address pertinent questions. The draft documents are: SBTi Financial Institutions Net-Zero (FINZ) Standard Conceptual Framework and Initial Criteria for Financial Institutions; SBTi Near-Term Financial Sector Science Based Targets Guidance V2 Near-Term Criteria and Recommendations for Financial Institutions Version V2; and SBTi Fossil Fuel Finance Position Paper. This consultation aims to engage stakeholders and ensure that the criteria and guidance provided in the draft resources are robust, clear, and practical. By doing so, the SBTi seeks to instil confidence in companies within the finance sector, assuring them that their decarbonisation plans align with scientific principles and contribute to combating climate change. 

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