Questions about net zero for FIs

Net Zero for FIs
1

Hi I’m working for a client(FI) and have some questions about the net zero standard and the tool for FI.

  1. In the case of corporate, SBTi noticed that it will only accept 1.5°C-aligned targets from 15 July 2022. Is there any plan to do the same thing on FIs? If so, when will it be?

  2. Regarding the above question, are you planning to apply the same criteria (1.5D only. No less ambitious 2D, WB2D) to Scope 1, 2, 3 (category 1-14,15) of Fis? If so, when will it be applied?

  3. For corporate, there’s a Residual emission requirements(e.g. in the long-term, corporate have to reduce emissions by at least 90% by 2050 (max residual: 10%)). Are you planning to suggest these residual requirements by scopes(S1,S2,S3(category1-14), S3(category 15)) for FIs?

  4. In the SBTi Corporate Net-Zero Standard, SBTi provided target boundary for setting long-term targets (i.e. at least 95% of S1, S2 and at least 90% of S3). Are you planning to apply the boundary for FIs, as well? If so, will it be applied to Scope 3 category 15?

and questions about the tool version.

  1. In the tool ‘Science-based target setting tool v.1.2.1’, it says it will only be available to use until 15 July 2022. If Fis are able to set targets aligned to less ambitious 2D and WB2D, can FIs continue to use the tool ver 1.2.1?

  2. As I know, when it comes to using SDA, FIs can set ETP B2DS-aligned targets for sectors other than Power, Service - Buildings, Residential Buildings. If I want to set 1.5°C -aligned targets for those sectors, what tool can I use? Is there any plan to develop the SDA tool for those sectors?

2

Please see the draft Near-Term Financial Sector SBT Guidance Version 2 and draft FINZ Standard Conceptual Framework and Initial Criteria for proposals related to your questions.

The proposed changes are up for public consultation so we welcome your feedback/questions through the survey by Aug 14.