The Climate Policy Initiative (CPI) has launched a ‘Framework for Sustainable Finance Integrity’, which aims to provide universal expectations for climate commitments by financial institutions.
The framework suggests a series of ‘minimum’ and ‘leadership’ benchmarks which represent “meaningful sustainable finance commitments”. The benchmarks are divided into three categories: targets and objectives, implementation (concrete actions that can be taken), and metrics and transparency, and are intended to be applicable across all sectors of the finance industry.
The ‘minimum’ benchmarks include eliminating finance for new coal projects, committing to Paris-alignment and disclosing Scope 1 and 2 of portfolio emissions, as well as climate and social risks.
Leadership benchmarks, based on recommended actions by NGOs or the most ambitious announced targets, include reporting in line with the Taskforce on Climate-related Financial Disclosures and it…