New initiative launched to validate finance sector emissions targets

So far 55 financial companies have signed up

The Science Based Targets initiative (SBTi), a group led by experts from environmental non-profits and the UN Global Compact, has launched a science-based target framework and validation service to help financial firms align their lending and investments with the Paris Agreement.

Financial companies will now be able to verify whether climate targets for their operations and portfolios align with the Paris Agreement's goal of keeping global warming to 1.5°C or well-below 2°C. So far, 55 financial corporations have signed up, including Amalgamated Bank, Bank J Safra Sarasin, Standard Chartered, and Eurazeo. The SBTi is inviting financial institutions to submit targets for validation from today (1 October). The first 20 submissions from financial institutions will be assessed free of charge during a pilot phase of the service. To qualify for validation by the ...