(Tuesday 22nd July) Reacting to the publication of the Science Based Targets initiative's net zero standard for financial institutions, Xavier Lerin, Senior Research Manager at ShareAction said:

“Today marks a key point of progress in setting a clear standard all financial institutions should meet to align their financing with climate goals. Importantly, the standard sends a clear signal that financial support for fossil fuel expansion must come to an end.

However, following pushback from industry during the public consultation, the deadline by which financial institutions must stop financing fossil fuel expansion was extended to 2030, well beyond the timelines outlined in credible climate scenarios to keep global warming within safe limits.

At a time when the dangers of climate change are accelerating – floods, fires, and deadly heatwaves are already here – the world cannot afford half-measures. We call on signatories of the initiative to adopt the highest end of the standard’s requirements to ensure their targets and fossil fuel commitments are robust enough to realistically meet net zero goals.”

ENDS