SBTi Reports Record Growth in Financial Institution Climate Targets

Over 150 financial institutions worldwide now hold validated science-based targets, with another 170 committed to setting near-term or net-zero goals. The Science Based Targets initiative recorded a nearly 50 percent increase in validated financial institution targets in 2024 compared with 2023.

The SBTi confirmed in April 2025 that 12 financial institutions had targets validated in March alone, its largest single month of financial institution validations to date. Among validated institutions, 16 have been assessed using Version 2 of the Financial Institution Near-Term Criteria, which was released in May 2024. ING became the first global systemically important bank to receive a validated science-based target, with its submission notably including cross-portfolio fossil fuel targets and individual client transition plans.

Financial institutions with validated targets now span 30 countries across Europe, Asia, Oceania, North and South America, and Africa. First-ever bank validations were recorded in Thailand and Indonesia, while 17 targets were validated for financial institutions headquartered in Taiwan. Colombia's largest bank, Bancolombia, also received validation, extending SBTi's reach in Latin America. The geographic diversification signals that science-based target adoption is moving beyond established markets into emerging economies, a development with direct relevance for Asia-focused investors.

The SBTi is preparing to publish its first Financial Institutions Net-Zero Standard, which will enable banks, insurers, asset managers and other institutions to set near- and long-term net-zero targets across lending, investing, underwriting and capital market activities. Nearly 140 financial institutions have already committed to setting targets under the forthcoming standard. The initiative received over 150 survey responses during a second public consultation on the draft, and piloted the standard with 25 institutions to test real-world application before finalising the document.

Key figure — Nearly 50% increase in validated financial institution targets in 2024 vs 2023