My company has committed to near term targets, but during the progress of developing our reduction targets, we feel confident enough to:
(1) Strengthen our commitment from well below 2C to 1.5C; and
(2) Pledge to Net Zero by 2050.
But we haven’t ticked the Net Zero target box back when we were handing in our commitment letter.
Does anyone know what procedures we need to take? Or do we only need to hand in our reduction target with stronger ambition, and it will automatically override our commitment letter targets?
Thanks in advance!
Please note that signing the SBTi commitment letter is an optional step. For your existing commitment though, you don’t need to submit a new commitment letter to increase the ambition of your near-term targets.
For FIs that want to commit to setting a net-zero target before the publication of the FI Net-Zero Standard, they will have 24 months after its publication to submit their targets. For FIs that first commit to setting a near-term target and then later decide to also commit to setting a net-zero target, please note that signing a new commitment letter (e.g., to add a net-zero commitment) does not change the deadline of the original commitment.
Please also note that companies and FIs that fail to submit their targets for validation within the 24 months will have their commitments marked as ‘Removed’ on the SBTi Target Dashboard, per the SBTi Commitment Compliance Policy.