These ‘Supporting Notes for Version 2 of the Guidelines for Climate Target Setting’ offer clarification on several aspects of the ‘Guidelines for Climate Target Setting for Banks – Version 2‘, which Net-Zero Banking Alliance (NZBA) members voted to adopt in March 2024. The updated version of the guidelines has applied to all new targets and any new iterations of existing targets set by NZBA member banks since 22 April 2024. These Guidelines are also to be applied by members of the Principles for Responsible Banking that have selected climate mitigation as one of their priority impact areas.

The clarifications in these Supporting Notes include variations in methodological and technical approaches to target-setting, the materiality of different types and sources of emissions, scenario types, the scope of financial activities and/or sectors to include in target-setting and reporting expectations.

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