UNEP FI: Climate Mitigation Journey
21 May 2024
The Climate Mitigation Journey (CMJ) is a manual for banks outlining the business capabilities they need to build and iterate for years to come as they are looking to align themselves with the Paris goal of 1.5°C global warming and net zero, as part of their commitments under the PRB and/or NZBA.
The CMJ aims to introduce a universally accepted end-to-end approach to banking climate mitigation that will enable shared language between banks and other actors of the ecosystem. It does so by:
- Outlining three business capability blocks with all the necessary business competencies banks need to develop on the path to net zero, namely Core Climate Capabilities, Commitment & Targets Capabilities and Implementation Capabilities – within these three business capability blocks, there are various sub-capabilities reflected in the CMJ that banks must build and advance over time.
- Providing against each capability block a clear mapping to relevant resources that UNEP FI member banks can leverage as well as to applicable standards, methodologies, and key stakeholders of the broader net zero banking ecosystem they need to engage with.
- Shedding light on some key regional and/or jurisdictional considerations for UNEP FI member banks as they are looking to advance their business competences on the path to net zero.
The CMJ purposefully calls out business capabilities rather than a step-by-step journey because it is observed that different banks progress differently on their approach towards climate mitigation and even individual starting points differ. The CMJ has been designed to be flexible and adapt to individual approaches, evolving standards and methodologies that reflect the ever-changing landscape in which banks operate.
Full paper
UNEP FI
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