Submission for FI near term targets

Net Zero for FIs
1

We understand that FIs have 6 months to submit their Near Term Target once the FINZ Standard v1 is published - is this correct?

If so:

  • Do you already know when the FINZ v1 release date will be so that we can plan our resources accordingly?
  • What will be the submission deadline for the long term objective after the FINZ v1 release
2

If/when organizations send a letter to commit to setting a science-based target, they will then have 24 months to submit their targets to the SBTi. For example, if a financial institution sent a signed commitment letter in November 2023, then its target submission deadline would be in November 2025.

For financial institutions with target submission deadlines up to six months after the FINZ Standard publication, this extension option that you referred to is available to them.

You can find more information (including tentative timelines) in this announcement calling for pilot test participants for the FINZ Standard draft.