Temperature Rating - Target year for Financial Institutions

Criteria
1

Hi, there. How could a FI interpret the requirement about time frame for target setting that says “Portfolio Temperature Rating targets must be fulfilled within a maximum of five years from the date the targets are submitted to the SBTi for an official validation”?

Note 20, that is linked to the attached requirement, is a little bit misleading there, saying “* For example, for targets submitted for an official validation in the first half of 2023, the valid target years are 2027–2032 inclusive. For targets submitted in the second half of 2023, the valid target years are between 2028 and 2033 inclusive*”.

If the requirement says that targets must be fulfilled within 5 years from the date the target are submitted for validation, shouldn’t the target year be maximum 2028 in the example above?

Thank you in advance.

2

Thanks for posting. You are indeed correct and we have noted this (and some additional footnotes) to be corrected when the updated guidance is published.