Once the target for financial institution is submitted, how long will the approval process take?

SBTi commitments and submissions
1

Under the free pilot phase for submissions from the first 20 financial institutions, SBTi does
not guarantee a set turnaround time for the validation process. We aim to complete the
process within 2 months, using the 30 day timeframe for regular company validations as a
reference. SBTi plans to launch a formal target validation service for financial institutions after
the pilot phase.

2

I have a couple of questions in relation to submissions.

  1. Do the above pilot timelines (aiming for 2 months) still apply?
  2. When do you expect the pilot phase to end? Will this formal validation service have the same 30 day timeframe as regular company validations?

Thank you

3

Please can you provide an update on the above questions?

4

Hi Katie,

Apologies for the delayed response.

As you may know, the pilot phase for submissions is over and FIs can now book slots for validation of their near-term targets via the booking system: SBTi Target Validation Booking System (jotform.co)

Please note that submission forms will need to be completed and uploaded in order to book a slot. Also, the date of the booked slot is when the review of the target submission will begin, and not the date that target validation results will be delivered.

Once the review begins, we have not put a specific timeframe for the validation service to be completed for FI targets but continue to aim for 1-2 months. So far it has generally taken about a month from the booking date (if responses to queries are received within two business days) though it can potentially take two, depending on the number of rounds of questions and response times.

Hope that helps.

Thanks,
Howard

5

Hi all,
Not exactly the same question but related if someone could please advise
1/ Is my understanding correct that the validation fees payment will only be required at the time of the validation process , when a contract would be signed?
We have rather strict PR/PO process and therefore I would like to anticipate payment requirement should this be expected at the time of signing the commitment letter.

2/ Could you please advise how long after sending a signed commitment letter to you will we be confirmed for effectiveness and publication on your database and website? I would like to synchronise our commitment announcement with some other internal communication.

Many thanks

6

Hi Khanh,

Thanks for reaching out.

  1. That’s correct, the payment for the target validation process will be required upon receiving the contract, and not at the time of signing the commitment letter.
  2. It usually takes about a week or two after sending a signed commitment letter to get a confirmation email, unless there are some questions for due diligence. Publications on our website are done on a weekly basis.

Hope that helps.

Thanks,
Howard

7

Hi there,

Could you please give an indication of how long is the currently waiting line? If a company is able to submit their target for approval by end of July, is it expected that the targets can be approved before end of year? Additionally, can a FI make amends to their submission form (incl. targets) while waiting for SBTi to pick the submission and start approval procedures?

Cheers,
Ligia

8

Hi Ligia,

Currently, the next available slot in the target validation booking system for corporates is in October 2022 while there are still some available slots in May/June 2022 for FIs. Please note that the date of the booked slot is when the review of the target submission will begin, and not the date that target validation results will be delivered.

The submission form should be complete and finalized (on the FI’s end) upon submission.

Thanks,
Howard

9

Hi Howard,

My question relates to Financial institutions only. Does that mean that there are available slots from May/June until the end of the year? Or are there months in which it is overbooked?

Thank you, Ligia

10

Hi Ligia,

There are currently available slots for FIs target validations from June through the end of the year.

Thanks,
Howard

1 Like
11

Hi @HowardS - jumping in here. What is the best way to check on first available slot? Currently in the process of developing SBTs. Thanks

12

Hi Gregorio,

One would only be able to see the available slots after uploading the submission form. Currently, May slots are full but there are a couple left for June.

Thanks,
Howard