The updated criteria issued on Wednesday by the ‘Race to Zero’ campaign are important as they will be reflected in the obligations of a range of partner organisations marshalling the climate efforts of various sectors, from banks to insurers and asset managers.
“In practice, this means corporations and investors must restrict the development, financing, and facilitation of new fossil fuel assets, which includes no new coal projects,” the campaign said in a statement. “The exact pathways and timelines naturally differ across regions and sectors.” “The clarity these criteria provide, together with strengthened data transparency, will help us identify the progress made and gaps remaining,” Nigel Topping and Mahmoud Mohieldin, High-level Climate Champions for the COP26 & COP27 climate talks, said in a joint statement.