Guidelines for Climate Target Setting for Banks

Guidelines for Climate Target Setting for Banks 1 Guidelines for Climate Target Setting for BanksApril 2021 Guidelines for Climate Target Setting for Banks 2 SummarySummaryAchieving the objectives agreed in the Paris Agreement to limit global temperature increases to well below 2 C from pre-industrial levels and striving for C will require ambitious actions from all strands of the economy: alongside governmental policy commitments and corporate action, financial institutions will need to adjust their busi-ness models in the short and long term and develop realistic strategies underpinned by robust, science-based targets and action plans. The window for action is small. To achieve the goals of the Paris Agreement, emissions must now halve every role of the banking industry in tackling this challenge is key. Banks will need to support the transition to a net-zero economy through their lending and financing deci-sions and through facilitating their clients this end, the UNEP FI s Collective Commitment to Climate Action (CCCA) group of 38 signatories has developed these Guidelines for Climate Target Setting , which outline key principles to underpin the Setting of credible, robust, impactful and ambitious targets in line with achieving the objectives of the Paris Agreement.

The window for action is small. To achieve the goals of the Paris Agreement, emissions must now halve every decade. The role of the banking industry in tackling this challenge is key. Banks will need to support the transition to a net-zero economy through their lending and financing deci-sions and through facilitating their clients’ transition.

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