SBTi Invites Global Financial Institutions to Pilot Draft Net-Zero Standard
- Pilot Opportunity: Financial Institutions (FIs) can pilot the new Financial Institutions Net-Zero (FINZ) Standard.
- Feedback Integration: Participants will provide essential feedback and gain insights during the development phase.
- Diverse Participation: SBTi seeks a varied group of FIs to ensure comprehensive feedback and representation.
The Science Based Targets initiative (SBTi) is inviting Financial Institutions (FIs) globally to participate in the pilot testing of the upcoming Financial Institutions Net-Zero (FINZ) Standard. This initiative offers a unique opportunity for FIs to engage directly with the SBTi, providing critical feedback and gaining early insights into the draft standard.
Engagement and Feedback
The pilot, starting on August 19th, 2024, will last for at least six weeks. Participants will interact with the SBTi through Q&A sessions and surveys to address and clarify any issues, ensuring the FINZ Standard is both practical and effective.
Application and Selection
Interested FIs should apply by August 9th, 2024, using the FINZ Standard – Consultation Draft Pilot Testing Application Form. The SBTi aims to include a diverse range of financial activity types, emissions profiles, geographies, and business sizes to ensure comprehensive feedback.
Transparent Development Process
The Terms of Reference for the pilot outlines the selection criteria, objectives, timeframe, and responsibilities of participants. The SBTi has committed to a thorough and transparent development process, involving exhaustive research, expert advisory, and public consultation.
Participation Benefits
“This pilot is a significant step for FIs to actively shape the net-zero transformation in the financial sector,” said the SBTi project team. “Participants will gain valuable insights and directly contribute to the development of a robust standard.“
Next Steps
The draft standard will be available by the end of July 2024. To stay updated on the public consultation process and other developments, interested parties can sign up for the SBTi newsletter and follow the initiative on LinkedIn and X (formerly Twitter).
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Targets developed through this pilot will not be formally validated as science-based targets immediately. However, FIs can use the insights gained to formally submit targets for SBTi validation post-pilot.
For further information and to apply, visit the SBTi website.
