Understanding Updates to the Guidelines for Climate Target Setting for Banks

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Presented by

Tracey McDermott (Standard Chartered), Sarah Kemmitt (NZBA), Simon Messenger (NZBA), Ivan Frishberg (Amalgamated Bank)

About this talk

Join us to learn more about the recent updates to the Guidelines for Climate Target Setting for Banks. Along with the NZBA Commitment Statement, the guidelines detail the commitment that each bank makes by being an NZBA member. NZBA member banks led a review of the guidelines from early 2023 to early 2024. Based on these consultations, NZBA sent a series of proposed updates to the membership in February 2024 that members voted to adopt. The updated version maintains the overarching ambition and all key principles of the original guidelines. Key updates include: - Including capital market activities in the scope of targets for the first time. For some banks, capital markets arranging and underwriting services provided in the issuance of new debt and equity instruments are their largest source of attributable greenhouse gas emissions. - Updating and clarifying technical language to reflect the evolution of practices, methodologies, and data availability in the last three years, for instance, by updating guidelines on stakeholder engagement and transition planning. Speakers will explain the major updates. Attendees will also have 15 minutes to share feedback and ask questions about the updated guidelines. Speakers - Tracey McDermott, Chair of the Net-Zero Banking Alliance and member of Standard Chartered’s management team - Sarah Kemmitt, Secretariat Lead, Net-Zero Banking Alliance - Simon Messenger, Implementation Lead, Net-Zero Banking Alliance - Ivan Frishberg, member of the Net-Zero Banking Alliance Steering Group, and Chief Sustainability Officer at Amalgamated Bank
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United Nations Environment Programme Finance Initiative (UNEP FI) is a partnership between United Nations Environment and the global financial sector created in the wake of the 1992 Earth Summit with a mission to promote sustainable finance. More than 240 financial institutions, including banks, insurers, and investors, work with UN Environment to understand today’s environmental, social and governance challenges, why they matter to finance, and how to actively participate in addressing them. UNEP FI’s work also includes a strong focus on policy – by facilitating country-level dialogues between finance practitioners, supervisors, regulators and policy-makers, and, at the international level, by promoting financial sector involvement in processes such as the global climate negotiations.