A webinar by the Science Based Targets initiative team – the Global Compact Network Australia and WWF
This is an opportunity for Australian financial institutions to hear from the Science Based Targets Initiative team on progress being made towards launching the methodology for Scope 3 financed emissions.
More than 40 financial institutions globally have publicly committed to set emissions reduction targets through the Science Based Targets initiative (SBTi) and an additional 70 reported to Carbon Disclosure Project (CDP) in 2017 that they intend to set a science-based target (SBT) within the next two years. There are at least 10 financial institutions in Australia that have committed to do the same.
In 2018, the SBTi launched a project to help financial institutions align their lending and investment portfolios with the ambition of the Paris Agreement. The project audience includes universal banks, superannuation funds, insurance companies and public financial institutions.
Over the last six months the SBTi team and willing participants road tested different methods outlined below across four asset classes (real estate, mortgages, electricity generation project finance, and corporate instruments including equity, bonds and loans) culminating in a workshop during New York Climate Week last month and covered the following:
- Emission-based methods using the Sectoral Decarbonisation Approach;
- Capacity-based method using the Paris Agreement Capital Transition Assessment (PACTA);
- Portfolio coverage method using the SBT portfolio coverage.
This webinar is designed to provide an opportunity for financial institutions in Oceania (Australia and New Zealand) and Asia Pacific to hear from the team on the status of the methodology development and criteria process, provide any additional feedback, and better understand the time frame for launching the methodologies and criteria as they plan activities for next year. The final guidance, framework, methods and criteria are planned for launch in mid-2020.
Speakers
- Corinne Schoch, Senior Advisor, Global Compact Network Australia
- Monica Richter, Senior Manager – Low Carbon Futures, WWF
- Cynthia Cummis, Director – Private Sector Climate Mitigation, World Resources Institute
We plan to run a series of workshops across 2020 that will focus on setting science based targets across a range of sectors. This will include a session specifically for financial institutions.
If you have any questions please email us: secretariat@unglobalcompact.org.au
