Financial institutions, such as banks and insurance companies, have a key role to play in limiting global warming to no more than 1.5°C, beyond which catastrophic impacts for people and nature become inevitable.
We therefore welcome the new framework developed by the WWF-backed Science Based Targets initiative (SBTi). This enables financial institutions to set science-based targets that align their lending and investment activities with the UN global climate agreement. The SBTi has also released a new report, which sets out the way forward for companies to set targets that ensure net-zero emissions of greenhouse gases – the cause of global warming – by no later than 2050.