For financial institutions, scope 1+2 targets can be preliminarily validated by the SBTi now, but targets covering financed emissions must be submitted to achieve official and public approval by the SBTi.
Is the inverse possible, too? Can we seek preliminary validation for our financed emissions target now, then for our own operational emissions target at a later date? Thanks!
Yes, that’s also possible through the partial submission option described in the target submission form. However, partial targets will not be officially recognized and published by the SBTi even if they meet all relevant criteria.
Hello all,
Under current Financial Sector Guidance, it is required for FIs to set a target for their scope 1 and 2 emissions, or alternative to a scope 2 target they can choose setting a Renewable Electricity Procurement target (page 30) → So either setting targets for scopes 1+2, or setting targets for scope 1 plus a Renewable Electricity Procurement target.
Additionally, FIs must set targets for their scope 3 category 15 “investments” following the guidelines described on Table 5.2 (page 55) where the required activities that must be covered are listed.
Please note that more activities/asset classes will be considered as required in future updates to the FI guidelines.
I hope this information is helpful for you.