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Bankers Warned of ‘Credibility Issue’ Amid Dubious CO2 Goals

  • Science Based Targets initiative unveils new approval plan
  • Move follows signs that many net-zero goals lack credibility
A coal-fired power plant in Craig, Colorado.

A coal-fired power plant in Craig, Colorado.

Photographer: Chet Strange/Bloomberg
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Bankers trying to get their net-zero CO2 targets certified now face hard deadlines to reduce capital flows to fossil fuels.

The Science Based Targets initiative, which is backed by the United Nations, plans to only verify emissions targets that include clear limits on financing oil, gas and coal, said Nate Aden, who heads SBTi’s financial industry project. The stricter process will also apply to asset managers.