Then join WWF and CDP’s public consultation for the updated open-source CDP-WWF Temperature Scoring Methodology (version 1.5) and contribute to the development and update of the method.
What does the methodology do?
The CDP-WWF Temperature Scoring method enables measurement of a financial portfolio’s, a company’s, or a company value chain’s contribution to global warming. It does this byconverting corporate greenhouse gas emissions reduction targets into a clear and comparable metric – a temperature score expressed in degrees Celsius of global warming based on IPCC AR6 scenarios. These temperature scores are then aggregated to company and portfolio or value chain level, if applicable.
Background
The CDP-WWF Temperature Scoring Methodology was launched in 2020 (under the name Temperature Rating methodology). It is the basis of an open-source tool that business and financial institutions can freely use to measure Paris Agreement alignment and to set climate targets, for example, under the Science Based Targets initiative’s (SBTi) framework.
Since the launch, the adoption of the CDP-WWF methodology has grown steadily, and today, it is one of the SBTi methods for target-setting for financial institutions. It is also implemented by data providers such as Bloomberg, Clarity AI, and Intercontinental Exchange (ICE) for their implied temperature rise (ITR) solutions.
Method update andpublic consultation
This summer, WWF and CDP plan to launch an updated version of this methodology. To ensure the method is robust and useful, we are inviting NGOs, academia, data providers, regulators, financial institutions and other businesses and stakeholders, globally and from all sectors to a public consultation. The objective is to obtain feedback on key updates to the methodology. For a more immersive experience, participants are also welcome to try out the updated ITR tool, provided by WWF.
The public consultation period will run from May 23rd 2024 to June 22nd 2024.
The main changes and improvements in the updated version 1.5 are:
Using IPCC AR6 climate model simulations and scenarios for the linear regression models used as benchmarks
Clarifying and enhancing the target timeframe definition
Updating the default score from 3.2C to 3.4C for companies without valid targets
Introducing a 1.5C temperature floor
Changing Linear Annual Reduction (LAR) to Compound Annual Reduction (CAR)
Introducing a specific Scope 2 benchmark and single scope level assessments
Adding further transparency on the methodology’s purpose, rationales, and key limitations
Who does this concern?
The primary stakeholders are likely to be, but are not limited to, financial and ESG analysts, sustainability experts, portfolio managers, corporate sustainability managers and climate experts, regulators, and academic researchers.
What to do now?
Please read the consultation draft methodology here
Submit your feedback and commentshereduringthe consultation(May 23rdto June 22nd)
Try out the WWF Implied Temperature Rise Tool (ITR) here
Questions? Please contact WWF at ekonomi-finans@wwf.se
Source link
