Financials, Policy and Regulation

SBTi ‘caves in to pressure’ from banks over net zero standards, says Reclaim Finance

Mobile offshore oil rig platforms
Reclaim Finance has criticised the weakening of a threshold used to define fossil fuel companies (Photo: Jason Alden/Bloomberg)

The Science-Based Targets initiative published pilot fossil fuel recommendations for financial companies in November

New guidelines on how financial companies should set environmental targets have been criticised by non-profit Reclaim Finance because they would allow for the financing of projects responsible for prolonging the lifespan of existing oil and gasfields.

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