The consensus of climate scientists is that global warm- ing must be limited to 1.5°C above the preindustrial average by the end of the century to avoid the worst impacts of climate change.1 To achieve this and the goals of the Paris Agreement, emissions must reduce by almost 50% by 2030 and policymakers at COP28 called on parties to “transition away from fossil fuels in energy systems, in a just,. [...] However, the level of ambition and pathways followed for long-term targets shall remain aligned to C125 pathways or equivalent and in line with the rest of the Guidelines. [...] ◾ The scope and boundary of the targets should account for a significant majority of the bank’s portfolio emissions. [...] Guidelines for Climate Target Setting for Banks 14 Contents | Guideline Two ◾ The scope and boundary of the emissions profile should account for a significant majority of the bank’s emissions, including the sectoral approach, as explained in Guideline 1. [...] Nevertheless, banks should take reasonable steps to ensure that the assessment covers a significant majority of their emissions.46 46 Banks should disclose the percentage of their lending, investment and capital markets activities covered by portfolio targets in a metric representative of the size of the bank’s main business activities.
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- Published in
- Switzerland
