# The Science Based Targets Initiative has launched a net-zero standard for banks, asset managers, and insurance companies. This requires them to end financing for firms that are expanding coal projects immediately, and for those expanding oil and gas projects by 2030. Nearly 135 financial institutions on six continents have signed up to the new standard. Science Based Targets Initiative’s Nate Aden says setting science-based targets and driving real-world emissions reductions through investment and lending decisions is imperative:
Financial institutions told to stop funding companies that are expanding fossil fuel production [SOUND]
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