Several major banks, including HSBC and Standard Chartered, have chosen to withdraw from the Science Based Targets initiative (SBTi) validation process for their climate targets. Societe Generale and ABN AMRO have also exited the process. The SBTi, formed in 2015, aims to establish science-based environmental target setting as a standard corporate practice. The organization recently launched a new standard to assess financial institutions’ net-zero goals, including strict limitations on fossil fuel financing. The banks’ decisions were based on concerns about hindering their ability to finance fossil fuels and the impact on their ability to engage and service clients in less developed markets.
Resource: https://www.esgtoday.com/hsbc-standard-chartered-other-major-banks-exit-sbti/