FI SBT Guidance

Criteria
1

The FI sector SBT guidance looks like updated in August 2022; however, in Table 4-1, page 47 states that scope 1&2 targets can also be set with the absolute contraction method in line with WB2D.

Whereas the V5 documents state that, Scope 1&2 emission targets must be in line with 1.5 Degrees to be approved.

Therefore, can FI’s set WB2D targets for their scope 1&2 according to FI sector guidance OR it must be 1.5 Degrees target according to V5 criteria documents? https://sciencebasedtargets.org/resources/files/Financial-Sector-Science-Based-Targets-Guidance.pdf

2

Thanks for posting!

The V5 documents applies to non-financial companies. Currently, FIs can therefore still set WB2D targets for their scope 1+2 emissions. However, we expect to update this soon but intend to allow a 6-month period before it comes into effect.