Michelle Chen, partner in S&C’s Financial Services Group, Marc Treviño, co-head of S&C’s Corporate Governance practice, and Alex LePore co-authored a memo discussing the U.S. Department of the Treasury’s nine principles for net-zero financing and investments by financial institutions. The Principles focus on “scope 3” financed and facilitated greenhouse gas emissions. While the use of these Principles is “wholly voluntary,” it is recommended that financial institutions that have made, or are considering making, net-zero commitments review them.
The memo, republished by The CLS Blue Sky Blog, states that “the Principles…represent Treasury’s view that credible net-zero commitments require thorough transition planning, as well as Treasury’s efforts to begin the benchmarking of existing practices against the ‘emerging best practices’ identified by Treasury.”
Read the full memo.