Insurance compay: to start focus on scope 1 and 2 emissions only?

1

Hi,
I work for an insurance company and we would like to join the SBTi. We calculate our CO2-footprint already for a couple of years (and take actions to reduce it in the reported positions) and we already know about our Scope 1 and 2 emissions and a couple of relevant scope 3 emissions. However, we are currently just starting to identify the emissions in our investment portfolio.

So here is my question: Is there a possibility to join the SBTI with a focus on Scope 1 and 2 only for the first years and than add science-based targets for the scope 3 emissions once we have fully identified them, for example when providing a detailed timetable when to add the emissions of the portfolio? If so what would the application procedure looks like?

Thank you and best regards,
Jana

2

Hi @Jana,

Thanks for your question and welcome to the community.

No, is the simple answer to your question. If you have assets/activities in your business for which SBTI has methods and criteria and that are not optional, you have to include all of these assets/activities, including your investment portfolio, in your target.
Scope 3 and then in particular category 15 scope 3 (investments) emissions are often the vast majority of emissions for most financial institutions. Hence, it is extra important to set scope 3 targets.

I hope that helps.