FI Near-Term Criteria
Near-term targets only. Available without a specific end date, mirroring V2.0’s near-term-only option for corporates.
SBTi, 8 October 2026SBTi financial institutions · FINZ and the near-term criteria
SBTi financial institutions: FINZ and the near-term criteria
SBTi financial institutions can set targets under two SBTi routes, the Financial Institutions Near-Term Criteria or the Financial Institutions Net-Zero Standard (FINZ), and since 8 October 2026 both stay open with no end date.
The Science Based Targets initiative financial institutions rules are separate from the corporate ones: different fees, a longer validation schedule, and no access to the corporate V2.0 standard at launch.
Routes
SBTi financial institutions: two routes, both open
A bank, insurer or investor
Setting SBTi targets
Setting SBTi targets
FINZ V1.0
Near-term and long-term net-zero targets, effective 22 July 2025. Near-term FI targets cannot be moved onto it automatically.
SBTi financial institutions hubSuperseded: “FINZ from January 2027”
FINZ V1.0 said that “It is intended that from January 2027 financial institutions will use this Standard”. On 8 October 2026 the SBTi announced both routes continue “without a specific end date”.
Fees and timing
Science Based Targets initiative financial institutions fees and timing
| FI service | Tier 1 (< €1bn) | Tier 2 (€1bn–€10bn) | Tier 3 (€10bn–€30bn) | Tier 4 (≥ €30bn) |
|---|---|---|---|---|
| FI near-term | $20,000 · £14,925 | $26,500 · £19,776 | $41,500 · £30,970 | $49,800 · £37,164 |
| FI net-zero (FINZ) | Introductory rate matching FI near-term | |||
| FI near-term update | $10,000 · £7,463 | $13,250 · £9,888 | $21,000 · £15,672 | $25,000 · £18,657 |
Every SBTi fee, corporate and SME included, is on the SBTi cost page; the process on the SBTi validation page.
V2.0
SBTi financial institutions and the corporate V2.0 standard
The corporate Net-Zero Standard V2.0 sets its Scope 3 test over categories 1 to 14 (C14.1), which leaves out category 15, investments: the financed emissions FINZ deals with.
SBTi Services’ V2.0 procedures are explicit: “Entities whose activities fall within the Financial Institutions sectors are not eligible to submit targets in line with CNZS V2.0 in February 2027.”
The SBTi’s work plan lists a minor FINZ revision as in scoping; the FINZ target-setting tool has paused power and automotive sector targets until those sector standards are final.
UK
Science Based Targets initiative financial institutions in the UK
In the SBTi download retrieved on 11 October 2026, 60 UK financial institutions were listed: 31 with validated near-term targets, 15 with a commitment, and 14 with a commitment removed.
Listed UK banks and insurers in the five PS26/19 categories report under UK SRS on a comply-or-explain basis from 2027, disclosing their targets and whether a third party validated them; an SBTi target is not required.
Measuring financed emissions comes first: the PCAF Standard is the method most institutions use, and the inventory side is on Scope 3 emissions.
The UK duty is on UK SRS S2, the voluntary question on is SBTi mandatory?, and the SBTi hub links every guide.
Frequently asked
SBTi financial institutions, answered
What is SBTi FINZ?
The Financial Institutions Net-Zero Standard, Version 1.0, released and effective on 22 July 2025: the SBTi’s standard for banks, insurers and investors to set near-term and long-term net-zero targets.
Must financial institutions use FINZ from January 2027?
No. FINZ V1.0 had said it was intended that FIs would use it from January 2027, but on 8 October 2026 the SBTi announced that both FINZ and the Financial Institutions Near-Term Criteria will be available without a specific end date.
Can a bank use the SBTi Corporate Net-Zero Standard V2.0?
Not at launch: SBTi Services’ V2.0 validation procedures say entities in the financial institutions sectors are not eligible to submit under V2.0 in February 2027.
How much does SBTi validation cost for a financial institution?
Under Service Offerings V6.1, FI near-term validation costs $20,000 (turnover under €1 billion) to $49,800 (€30 billion or more); FINZ net-zero is at an introductory rate matching the near-term price, and buildings targets add nothing.
How long does SBTi validation take for a financial institution?
The FI Validation Schedule runs 55 business days, up to day 60, with up to five rounds of queries; V6.1 says results within 60 days.
Can near-term FI targets be moved onto FINZ?
No. The SBTi says financial institutions with near-term targets must update them in line with the Net-Zero Standard to seek validation of net-zero targets; they cannot be automatically transferred.
How many UK financial institutions have SBTi targets?
In the SBTi download retrieved on 11 October 2026, 60 UK financial institutions were listed, 31 of them with validated near-term targets.
Sources
Primary sources
Every figure, date and status on this page traces to the instrument’s owner.
Secondary commentary is never the source for a number.
Checked against 13 sources fromScience Based Targets initiativeSBTi ServicesPCAFFinancial Conduct AuthorityDepartment for Business and Trade
- Science Based Targets initiativeFinancial Institutions Near-Term Criteria to continue without end date (8 October 2026)
Both FI routes stay open; tool updates.
- Science Based Targets initiativeFinancial Institutions Net-Zero Standard V1.0
Released and effective 22 July 2025.
- Science Based Targets initiativeFinancial institutions hub
Near-term targets cannot be automatically transferred to FINZ.
- SBTi ServicesTarget Validation Service Offerings V6.1
FI tiers and fees.
- SBTi ServicesFI Validation Schedule V1.0
55 business days, up to five query rounds.
- SBTi ServicesValidation Procedures for CNZS V2.0
FIs are not eligible under V2.0 in February 2027.
- Science Based Targets initiativeCommitment and Target Statuses V2.1
FINT and FINZ labels by Q2 2027.
- Science Based Targets initiativeStandards and guidance: Technical Work Plan
A minor FINZ revision in scoping.
- Science Based Targets initiativeTarget Dashboard download (by company)
UK FI counts, retrieved 11 October 2026.
- PCAFThe Global GHG Accounting and Reporting Standard
Financed emissions, Part A third edition.
- Financial Conduct AuthorityPS26/19
Listed banks and insurers report under UK SRS, comply or explain.
- Department for Business and TradeUK SRS S2
Targets and financed emissions disclosure.
- Science Based Targets initiativeCorporate Net-Zero Standard V2.0 Criteria
C14.1: the Scope 3 test runs over categories 1–14.