What is the minimum reduction of the well below 2 degrees scenario for scope 3 if the target is set for 2030 with a 2018 baseline?
I thought it would be 12y*2.5% so 30% but given that the timeline can only be 10 years can I still use 2018 as my baseline but consider the target from submission date to 2030?
So for example submit 2022:
- Absolute reduction target scope 3 by 2030 (well below 2 degrees)
- Base year 2018
What would the minimum target be in this case?
Hi Alex, thanks for the question. These emission reduction targets only apply to FIs scope 3 cat 1-14 targets, and cannot be used to cover the investment and lending activities. However, for cat 1-14, you are correct that the minimum ambition would be 30% over 2018-2030. The 10 year requirement is not from the base year but from the year the target is submitted. We also check the progress made from the base year to the most recent year (if they are different) to determine the extent of the target that has already been achieved.
Hope this clarifies your question.