Key Impact Points:
- Blueprint for Net Zero: UNEP FI’s Climate Mitigation Journey (CMJ) provides a structured roadmap for banks to develop critical business capabilities essential for aligning with the Paris Agreement’s 1.5°C target.
- Flexible Implementation: The report emphasizes adaptability, allowing banks to tailor their climate strategies based on individual starting points and evolving global standards.
- Comprehensive Approach: CMJ introduces a universal framework that promotes shared understanding between banks and key stakeholders in the climate ecosystem.
Why it matters
The Climate Mitigation Journey (CMJ) offers banks a detailed guide on how to align their operations with global climate targets. By focusing on developing essential business capabilities, banks can work toward net zero while navigating the complexities of an evolving regulatory landscape.
How it works
The CMJ is centered around three core business capability blocks that banks must build and iterate on:
- Core Climate Capabilities: Foundational skills needed to integrate climate considerations across banking operations.
- Commitment & Targets Capabilities: Tools to set and achieve climate-related goals, aligning with frameworks like the Paris Agreement.
- Implementation Capabilities: Practical approaches for embedding climate strategies into day-to-day operations.
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What they’re saying
“The Climate Mitigation Journey is designed not as a one-size-fits-all roadmap, but as a dynamic tool that allows banks to progress at their own pace while meeting global climate standards,” according to UNEP FI. The organization emphasizes the flexibility of the report, allowing for variations in banks’ starting points and individual strategies.
The report also highlights the importance of engaging with key stakeholders and leveraging available resources to ensure banks stay on track to meet net-zero commitments. Banks can use the CMJ to navigate regional and jurisdictional considerations while aligning with global climate goals.
Read the full report here: Climate Mitigation Journey Report.
Bottom line
The UNEP FI’s CMJ is a critical resource for banks striving to meet net-zero commitments. It offers a clear, adaptable framework that supports the banking industry’s role in achieving global climate targets.
