The updated criteria issued 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 updated rules would apply to any new joiners from June 15, while existing members would have a year to comply.
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