United Bankers backs CDP campaign requesting highest emitters set science-based targets in race to 1.5°C

November 6, 2023: United Bankers is proud to join 360+ financial institutions and multinational corporations with a combined $33 trillion in assets and spending power in calling on over 2,100 high-emitting companies to set 1.5°C aligned emissions reduction targets in line with the latest science.

The request is coordinated by environmental non-profit CDP through its 2023-24 Science-Based Targets (SBT) Campaign.

Through the campaign, United Bankers is engaging a pool of high-impact companies, requesting that they set emissions reduction targets through the Science Based Targets initiative (SBTi) – the standard for evaluating whether corporate emissions reduction goals are in line with the Paris Agreement. These targeted highest emitting companies represent approximately US$28 trillion of market capitalization and 8.3 gigatons of scope 1 and 2 CO2e emissions, equivalent to the annual emissions of the United States, Japan and the United Kingdom combined. ¹

Climate change presents an urgent and unprecedented challenge, with 2023 marking the hottest Northern Hemisphere summer on record. Greater action is required to keep global warming below 1.5°C. Tackling a global challenge of this magnitude requires a dramatic scale-up in action from across financial systems and the real economy.

"Supporting the CDP campaign is essential to United Bankers' efforts in addressing climate change. In October 2023, we took a significant step by launching our own commitment to setting SBTi climate targets. As a result of our SBTi commitment, our investment strategies will increasingly focus on companies actively engaged in combatting climate change. By endorsing the CDP campaign, we aim to inspire not only our potential investment universe but also other organizations to commit to SBTi goals and contribute to decarbonizing the economy.", says Seela Sinisalo, Head of ESG at United Bankers.

Since the inception of the SBT campaign in 2020, CDP has helped drive over 470 high-impact companies join the SBTi by either getting their targets approved or committing to set SBTs.

Claire Elsdon, Global Director, Requesting Authorities - Capital Markets, CDP, said: “Record setting heatwaves in 2023 serve as a stark reminder of the urgent need to increase momentum on limiting global warming to 1.5°C, halving emissions by 2030 and reaching net-zero by 2050. ² We are thrilled to see financial institutions and large MNCs increasingly stepping up to lead the call for action across their portfolio and supply chain companies. CDP remains clear in our vision to continue to foster a positive ambition loop between FIs, MNCs, and companies, ultimately driving more companies to set robust 1.5°C-aligned science-based targets.”

¹ Source: https://worldemissions.io/

² Source: https://www.un.org/en/climatechange/net-zero-coalition