SBTi Business Ambition for 1.5C and Race to Zero

Hi. I see in the Business Ambition for 1.5C form that companies are automatically joining the UNFCCC Race to Zero when they submit the 1.5C form. However, when I go on the Race to Zero website, I don’t see the Business Ambition for 1.5C as a means of joining Race to Zero for Financial Institutions. Are financial institutions still joining Race to Zero if they submit the Business Ambition for 1.5C form?

Financial institutions are slightly separate in this process since we have not yet developed a specific net-zero commitment model for FIs. However, by signing the BA1.5C form, FIs are joining the Race to Zero process.

Hi @Eoin - a quick follow-up question on this. Does that mean that FIs that had signed up to the Business Ambition for 1.5C/UNFCCC Race to Zero have to set targets (using SDA and TR) following a 1.5C level of ambition? Thanks in advance

Hi Gregorio, for FIs to be 1.5C aligned across their financing then they would need to follow 1.5C SDA and 1.5C temperature alignment pathways. This works in theory, but in practice we do not yet have 1.5C SDA pathways for all sectors, hence many FIs can only meet minimum well-below 2C pathways currently.

Hi Eoin - thanks for the swift reply. Yes the question was pertaining those methods in which a 1.5C is possible, i.e. would it be sensible to provide the following clarification: ‘If an FI has signed up to BA1.5C they must use - where applicable/available - 1.5C level of ambition. When this is not available, the FI can choose WB2DS.’? Thanks again