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Ensure measurable metrics for Net Zero Performance and expand investment instruments for sustainable net zero projects.
Readiness Goal 3.1
Readiness Goal 3.1: Transparent measurement, monitoring and reporting of GHG emissions and sustainability performance. (Developers, asset owners and financial institutions).
Intent: Transparent measurement, monitoring and reporting help to demonstrate progress in the net zero transition, building credibility and investor confidence.
Indicator 3.1.1: Implementing robust monitoring systems and adopting recognized reporting frameworks, such as the Global Reporting Initiative (GRI), ISSB. This could be implemented in conjunction with Indicator 3.2.2 in terms of ‘Metrics and Targets’.
Indicator 3.1.2: In alignment with RG 4.5, develop and/or adopt guidelines for measuring net zero project performance for accurate and precise verification.
Indicator 3.1.3: Report Scope 1, 2 and if possible, Scope 3 of the organisations’ GHG emissions.
Indicator 3.1.4: Where relevant, quantify cost-savings, risk managed, asset returns from implementation of net zero transition strategies.
Readiness Goal 3.2
Readiness Goal 3.2: Disclose information related to physical and transition risks relevant to a company or portfolio. (Companies and financial institutions).
Intent: Promote market transparency of information on physical and transition risks and opportunities related to climate change. This allow the implications of net zero transition to be understood, supporting accurate pricing and efficient capital allocation.
Indicator 3.2.1: In alignment with RG 4.5, the organisation has the tools and capability to report in accordance with internationally recognised frameworks/ benchmarks such as Task Force on Climate-related Financial Disclosures (TCFD).
Indicator 3.2.2: Disclose ‘Governance’, ‘Strategy’, ‘Risk Management’ and ‘Metrics and Targets’ in relation to the organisation’s opportunities and exposure to climate-related risks.
Indicator 3.2.3: The organisation’s climate-related financial disclosures are part of mainstream (i.e., public) financial filings.
Readiness Goal 3.3
Intent: To foster transparency and strategic commitment in advancing net zero targets.
Readiness Goal 3.3: Development and disclosure of transition plans towards a net zero portfolio or company activities. (companies + financial institutions).
Indicator 3.3.1: In alignment with RG 2.3, 2.4, the organisation has the tools and capability to develop an energy and embodied carbon performance improvement strategy, contributing to net zero transition.
Indicator 3.3.2: Companies, financial institutions has the governance structure for its own operations, subsidiaries and portfolio companies to provide net zero transition plans.
Indicator 3.3.3: Companies, financial institutions disclose net zero transition plans, including targets and progress, in accordance with internationally recognised frameworks/ benchmarks such as Task Force on Climate-related Financial Disclosures (TCFD) and Science-Based Targets Initiative (SBTi).
Readiness Goal 3.4
Readiness Goal 3.4: Expand and promote investment instruments supporting net zero transition plans. (government agencies and financial institutions).
Intent: Supports the net zero transition through availability of capital.
Indicator 3.4.1: Issuance of green bonds tied to projects that make direct impacts towards net zero transition.
Indicator 3.4.2: Tax incentives for companies/organisations that embark on net zero transition projects and can show its impact through verifiable measurement and reporting.
Indicator 3.4.3: Reduced loan interest rates for financing that invest in net zero transition projects.
Indicator 3.4.4: Grants and subsidies are available to support companies/organisations make the net zero transition. This could include quantification of GHG emissions to purchase of energy efficient equipment.
Readiness Goal 3.5
Readiness Goal 3.5: Active discussions between policy makers and the private sector to craft policies/incentives in support of the realisation of all relevant RGs. Specifically, RG2 (promote technologies and solutions to achieve net zero) and RG4.2, 4.3, 4.4 (adoption of data technology to monitor progress towards NZE) (government agencies, companies and financial institutions).
Intent: Encourage government/organisations to implement policies and provide incentives that support the transition to net zero.
Indicator 3.5.1: Implementation of carbon pricing mechanism to incentivise the private sector to reduce GHG emissions. This could be implemented in relation to RG 1.5.
Indicator 3.5.2: In alignment with RG 2.5, implement policies and provide incentives that support to deployment of renewable energy, including infrastructure.
Indicator 3.5.3: Policies are in place/under discussion to encourage climate-related financial disclosures to be part of obligatory financial filings.
Indicator 3.5.4: There are policies that support research and development of technologies which contributes to the net zero transition.
Readiness Goal 3.6
Readiness Goal 3.6: Engage in international cooperation, across public and private sectors, to share best practices, knowledge, and resources.
Intent: Recognising that momentum can be harnessed with peers and the need for stakeholders to work together, promote collaboration and partnerships that foster innovation, enable technology transfer, and mobilise investment.
Indicator 3.6.1: Be part of international membership(s) that encourage public commitment of net zero targets, disclose methodologies and track progress. (e.g., Net-Zero Asset Owner Alliance, Net-Zero Insurance Alliance, Net-Zero Banking Alliance)
Indicator 3.6.2: Through international partnerships, foster policy alignment and harmonisation on climate-related issues. This could manifest in the form of common standards, guidelines, and frameworks for addressing climate change. These harmonisation can provide certainty for businesses and investors, minimize regulatory barriers, and create a level playing field for sustainable practices.