Private markets investor EQT, France's La Banque Postale and Korean bank KB Financial have become the first three financial institutions to set Paris-aligned targets approved by the Science-Based Targets initiative (SBTi).
La Banque Postale, one of Europe’s largest banks, will aim to hit net zero across its operational and financing activities by 2040, while Swedish private equity firm EQT has committed to slash both operational and portfolio emissions in half by 2030.
The bank is targeting a 46.2% scope 1 and 2 reduction by 2030, and will aim to implement science-based targets across 85% of its loan and investment portfolio by the same year. It will also divest from fossil fuels by 2030, and will provide no new financing for oil and gas projects.
EQT said that it would ensure all of its non-venture portfolio companies had set their own science-based targets by 2030, 10 years ahead of the SBTi’s minimum standard. It will also aim to cut…