SBTi updates financial institution guidance with optional fossil fuel target criteria
The new document also clarifies that the exclusion of non-material activities from FI targets “may not exempt any activities related to fossil fuels”.
The Science-Based Targets Initiative (SBTi) has updated its guidance for financial institutions’ near-term target setting, including new criteria regarding optional fossil fuel finance targets.
This is the first review of the SBTi Financial Institutions’ Near-Term Criteria. It aims to align the financial sector’s climate ambitions with the organisation’s Corporate Net Zero Standard, including its requirement for operational emissions mitigation to match a 1.5ºC temperature scenario (previously “well below 2ºC”).
