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“Science-Based Targets” for Financial Institutions: Position & Consultation Deck

Report Impact & target-setting Financial institutions

In 2018, WRI, WWF and CDP invited the 2° Investing Initiative to take part in the development of the Science-Based Targets initiative (SBTi) for Financial Institutions as methodology co-developer with the consultancy Navigant.

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After 18 months of collaboration, 2DII has decided to withdraw from the project due to the inability to agree with the partners on the fundamental principles governing the methodological development and notably the definition of financial institutions’ ‘impact’.

This deck presents 2DII’s reasoning behind the decision and the organization’s current position on setting science-based targets and measuring the climate impact of financial institutions. It is designed to advise our stakeholders on our conclusions and understanding and solicit feedback to inform our position moving forward.

Independent, non-profit think tank working to align the financial sector with international climate goals.

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2DII today announced it is transferring stewardship of the Paris Agreement Capital Transition Assessment (PACTA) to RMI, formerly Rocky Mountain Institute. PACTA measures financial portfolios' alignment with various climate scenarios, including those consistent with the Paris Agreement. Under RMI’s stewardship, PACTA will remain a free, independent, open-source methodology and tool, and will continue to provide the financial and supervisory community with forward-looking, science-based scenario analysis to help users make climate-aligned financing decisions. RMI will invest in scaling up PACTA’s usability and applicability in day-to-day investment decisions as well as reporting requirements.

Access the full press release here: https://2degrees-investing.org/2-investing-initiative-transfers-stewardship-of-pacta-to-rmi/In the coming weeks, we will update this website with additional information. For now, please note that all contact information remains unchanged.