2DII releases the Climate Action Guide for consultation
One of the objectives of the Finance ClimAct project is to assist financial institutions in setting climate strategies designed to contribute to the Paris goal.
This objective will be reached through two concomitant steps. First, “Guidelines to Target Setting” will soon be released to guide FIs in setting up science-based climate contribution strategies. Second, tools are being developed to assist FIs in applying the guidelines. These tools will assist FIs in not only identifying those companies that are critical from a climate perspective and should thus be targeted (PACTA and ACT articulation), but also to understand what actions can be undertaken to influence these investees toward sustainability.
The first brick of this suite of tools was made public mid-February. The Climate Action Guide is an interactive guide summarizing currently available knowledge regarding actions that financial institutions can deploy to contribute to emission reductions in the real world (such as, for example, shareholder engagement or divestment). It allows FIs to explore all actions applicable to their FI type and asset of interest and maps each action to “levels of evidence”, reflecting the current proofs of effectiveness associated to the action in the academic literature. A variety of additional information is also provided for each action, such as relevant initiatives or articles, name of professionals that can help in action implementation, etc.
The Guide is avialable here.
A consultation will be circulated to interested stakeholders in March, to gather feedback on the tool and inform its update.