When can we expect an updated version of the “FINANCIAL SECTOR SCIENCE-BASED TARGETS GUIDANCE”? The current version is from April 2021 and still marked as “PILOT VERSION 1.1”.
In the list of committed companies there are still only one (non-bank) entity in the “Banks, Diverse Financials, Insurance” sector that has actually set targets although 88 have committed. When do you expect the first “wave” of approved SBTi-targets for the banking industry?
Hi @kristrun,
Please have a look at this thread that is addressing the same questions.
Companies have 2 years from commitment to submit their targets for validation to the SBTi. As the framework was first published in October 2020, the clock started ticking at that point for any financial institution that had committed before the launch of the framework.
So, we are 13 months into that process right now and expect the coming year to be busy with validating and releasing new approved targets for financial institutions (FI).
The first FIs had their targets approved in October 2021, so just a few weeks ago, and to date we have 9 companies approved under the FI framework.