Hi,
Please could you provide any more clarity on this statement from Nate Aden about the SBTi planning to only verify SBTs inclusive of limits to financing fossil fuels?
The Science Based Targets initiative, which is backed by the United Nations, plans to only verify emissions targets that include clear limits on financing oil, gas and coal, said Nate Aden, who heads SBTi’s financial industry project. The stricter process will also apply to asset managers.
Many thanks,
Gregorio
Hello Greogrio - Thank you for your question.
As part of our Financial Institutions Net-Zero standard development process, the inclusion of limits of fossil fuel financing will be further explored. Building on section 6.1 of the Net-Zero Foundation paper, launched in April '22, the proposed Disclose, Transition, Phase-out approach will further researched and expanded on to integrate into our future guidance, criteria, and recommendation releases.
Initial papers around proposed Fossil Fuel financing policies are under development, and are anticipated to be released for public consultation in the coming months.