The global Race To Zero campaign currently represents a coalition of 1,049 cities, 67 regions, 5,235 businesses, 441 of the biggest investors, and 1,039 higher education institutions.
The new rules mean corporations and investors must restrict the development, financing, and facilitation of new fossil fuel assets, which includes no new coal projects. The exact pathways and timelines differ across regions and sectors.
It also makes explicit a pre-existing requirement to publicly disclose a Transition Plan within 12 months of joining Race to Zero.
Nigel Topping and Mahmoud Mohieldin, high-level climate champions for COP26 & COP27, said: “The clarity these criteria provide, together with strengthened data transparency, will help us identify the progress made and gaps remaining.
“They will clearly show those actors who are truly moving ahead versus those who are trying to find loopholes. We urge all Race to Zero actors to keep stepping up, or risk being...