NZBA scraps requirement for banks to strictly target a 1.5°C warming scenario [Yahoo! Finance]
Goldman Sachs Group, Inc. (The) (GS)
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Source: Yahoo! Finance
The United Nations-backed Net-Zero Banking Alliance released updated guidelines for how banks should set climate targets Tuesday, lowering the requisite ambition for financial institutions that are members of the group. The guidance released April 15 requires signatories of the climate group to align their targets with limiting global warming “to well below 2 [degrees Celsius], striving for 1.5°C.” This marks a departure from previous guidance requiring portfolio alignment with a 1.5°C warming scenario and comes after six of the largest U.S. banks left the group between late December and early January. The guidance puts the UN-backed industry group's guidance at odds with that of the Science Based Targets initiative, which called on banks to align targets with a 1.5 degree warming scenario in its Financial Institution Net-Zero Standard . SBTi also maintained the target in the draft of its updated Corporate Net-Zero Standard This week's update represents the third version of NZB
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