Sustainability Flash Note: SB Ti 2.0: From Ambition to Action

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Sustainability Flash Note: SB Ti 2.0: From Ambition to Action

J P M O R G A N Europe Equity Research

01 July 2026

Sustainability Flash Note

SBTi 2.0: From Ambition to Action

SBTi published earlier this month a major and long-awaited revision of its

Corporate Net-Zero Standard — the most substantive update since the

framework's inception in 2021. In our view, the revision marks a fundamental

shift of emphasis, from standardizing climate target-setting to providing "an

action framework designed to help decision-making", which we see as well

suited to a “mixed approach” to transition investing. We provide our main EMEA Sustainable Investing

takeaways below: Research

Noemie de la Gorce, CFA AC

• A refocus on near-term action over long-term ambition. V2.0 requires (44-20) 7134-4229

companies to set rolling 5-year targets using the most recent available data noemie.delagorce@jpmorgan.com

(dynamic base year), supported by a mandatory transition plan. Long-term Jean-Xavier Hecker

targets to 2050 are now optional for scope 2 and scope 3 and for scope 1 under (33-1) 4015 4472

specific conditions, representing a significant departure from V1's emphasis on jean-xavier.hecker@jpmorgan.com

long-term net-zero commitments. Hugo Dubourg

• A switch to a best-efforts framework. We understand that the new framework (33-1)hugo.dubourg@jpmchase.com4015 4471

enables companies to retain validated SBTi targets even if they are not on track

Global Coordinator of Sustainable

to meet their GHG emissions reduction targets, provided they are transparent Investing Research

about barriers and external dependencies. A new cycle of audited annual

Virginia Martin Heriz

progress reports and an end-of-cycle assessment aims to ensure accountability.

(44-20) 7134-5197