Commerzbank joined the Science Based Targets Initiative (SBTi) in September 2020 and has become an official supporter of the Task Force on Climate-related Financial Disclosure (TCFD). The SBTi is committed to reducing greenhouse gases based on scientifically calculated targets. This will enable companies to align their climate policies with the objectives of the Paris climate agreement and effectively counteract climate change.
Commerzbank will use SBTi methods to calculate and reduce the CO2 emissions associated with its credit portfolio (the so-called "financed emissions"). As a partner to our clients, especially small and medium-sized enterprises, we want to support their transformation into low-carbon businesses. As a definite first step, the Bank has identified CO2-intensive sectors within its portfolio and assigned CO2 reduction pathways to them. These CO2 reductions pathways have been validated by the SBTi and are published in our ESG Framework.
The SBTi advocates for means of science-based target setting as a powerful way of raising companies’ competitive advantage in the transition toward low carbon operations. It stems from the collaboration between the CDP, the UN Global Compact, the World Resources Institute (WRI), and the World Wide Fund for Nature (WWF), and is one of the We Mean Business Coalition commitments.
