SBT Portfolio Coverage Target Update

Criteria
1

Hi,

Do financial institutions with established Portfolio Coverage Targets need to submit their targets updates to SBTi for verification at the end of the target year (every five years for Portfolio Coverage Target)? For example, if a financial institution has set a portfolio coverage target for its investment with a base year of 2019 and a target year of 2026, does it need to resubmit its portfolio coverage target to SBTi for verification at the end of 2026? Alternatively, can the financial institution update the target independently? However, if the financial institution can update the target independently, the target words displayed on SBTi website may not change. What steps can the financial institution take to notify SBTi to update the wording?

Thank you!

2

Per FI-C21, targets must be reviewed, and if necessary, recalculated and revalidated, at a minimum every five years from the date of target approval. Any changes in targets would need to be submitted to the SBTi Target Validation Team.