Cut-off date for well-below 2 degrees

Was hoping to get some clarification on how the changes in July 2022 will impact Financial Sector target-setting specifically.

Our questions are:
1. Has SBTi already hit 20 FIs submitting in the pilot phase?
2. If we intend to submit Scope 1 and 2 targets in line with well-below 2 degrees, what is the cut-off date for SBTi accepting validation submissions? We understand 1.5 degree pathways will be required past July 2022 but weren’t sure if this meant for companies submitting AFTER July 2022 or for companies who have submitted but are still in line for validation as well. For example, if we get our submission in line in May 2022 but due to resource constraints, SBTi is not able to validate them before July 2022, will we be required to revise our targets after submission in line with 1.5 degrees? If yes, could you provide the cut-off date for which you are accepting well-below 2 degrees submissions for validation?
3. For Scope 3 financed emissions specifically, is it correct to assume that well-below 2 degrees will still be permitted past July 2022 or are financed emissions targets also required to align with a 1.5 degree pathway post July 2022? I am interpreting this per the revised note on the July 2022 changes: “Increasing the minimum scope 3 ambition temperature classification from 2°C to well below 2°C”

Thanks in advance!

Thanks for your question, and apologies for the very late follow up.

  1. Yes, the SBTi has now launched the full validation system after having hit the 20 submissions.
  2. The cut off date currently only applies to regular companies, and the FI framework will be updating its criteria separately in 2022. For companies the cut off date applies to all submissions before July 2022. Therefore, if you submit in May but the targets are not approved until September, this will have no impact on the ambition levels - the well below 2C applies at the point of submission.
  3. Well-below 2C levels will still be permitted after July 2022.