Net-Zero Foundations for Financial Institutions: Draft for Public Consultation
As of August, 2021, financial institutions with US$80 trillion in assets under management are now committed to reaching a state of net-zero before 2050. A science-based approach is needed to guide and align financial institutions' net-zero target setting.
This foundational framework represents the first step in defining net-zero for financial institutions. The November 10 webinar will commence a 5-week stakeholder consultation process. Stakeholder feedback will inform the revision and final publication of the net-zero for financial institutions foundations paper in the beginning of 2022.
As with the SBTi corporate net-zero standard development process, the FI foundations paper will be followed by an open stakeholder process to develop actionable criteria, detailed guidance, and technical resources to support financial institutions in the formulation and implementation of their science-based net-zero targets.