The UN-backed Race to Zero has bolstered the minimum criteria that non-state actors must meet to be accredited by the climate campaign amid growing criticism from some campaigners that corporate net zero pledges are not ambitous enough to ensure global temperature rises are limited to 1.5C.
Clarity on 'sinks and credits'
On top of meeting the previous criteria for offsets to meet robust standards for additionality, performance and accounting, all members must now ensure that sinks and credits do not undermine social justice or harm biodiversity, and that abatement efforts encourage immediate contributions to the preservation and restoration of natural sinks that are "not necessarily linked to neutralisation claims".
In addition, members will be required, for the first time, to "clearly state what sinks or credits are used to make what, if any, neutralization claims, clarifying how sinks and credits are used both on the path to net zero, and after net zero is obtained".
The new rules also demand that members commit to working with other actors on delivering the net zero transition through engagement, information sharing, access to finance, and capacity building.
A spokesperson from the campaign confirmed to Investment Week's sister title BusinessGreen that existing signatories to the campaign that do not reform their targets so they meet the new criteria would have their membership rescinded.
Fund managers representing $23trn in assets join net zero initiative
In addition to the wider update, the campaign today also published criteria for oil and gas companies joining the campaign for the first time.
To join the Race to Zero, fossil fuel firms will be required to have a target approved by the Science-Based Targets Initiative based on the oil and gas methodology which is currently under development.
"Net zero has become the guiding star for climate ambition, with net zero commitments growing exponentially from companies, cities, regions, investors and universities across the world," said Gonzalo Muñoz, Chile's High-Level climate champion for COP25.
"Our mission with Race to Zero is to maintain the integrity of these efforts, and firmly establish the minimum floor for climate ambition with rigorous criteria and a transparent process. Ensuring the credibility of climate action is crucial if we are to deliver a zero carbon world in time."
The Race to Zero campaign, which launched by the UN last summer to galvanise the private sector behind climate action ahead of the vital COP26 climate conference this autumn, brings together more than 2,100 businesses, 120 investors, 20 regions and 500 universities.
This article first appeared on our sister title BusinessGreen
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