SCIENCE BASED TARGETS INITIATIVE (SBTI)?
The SBTi is a partnership between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). The SBTi call to action is one of the We Mean Business Coalition commitments.
Through the 2015 Paris Agreement, world governments committed to limiting global temperature rise to well-below 2°C above pre-industrial levels and pursuing efforts to limit warming to 1.5°C. In 2018, the Intergovernmental Panel on Climate Change (IPCC) warned that global warming must not exceed 1.5°C above pre-industrial temperatures to avoid the catastrophic impacts of climate change. To achieve this, greenhouse gas (GHG) emissions must halve by 2030 – and drop to net zero by 2050.
The latest climate science sends a clear warning that we must dramatically curb temperature rise to avoid the catastrophic impacts of climate change.
Science-based targets show companies and financial institutions how much and how quickly they need to reduce their greenhouse gas (GHG) emissions to prevent the worst effects of climate change.
Science-based targets show companies and financial institutions how much and how quickly businesses need to reduce their GHG emissions to prevent the worst impacts of climate change – leading them on a clear path towards decarbonization.
The Scope of Our SBTi Service
- Your company’s Corporate Carbon Footprint is calculated in line with the GHG Protocol.
- In line with the needs and capacity of the company, a targeted amount of reduction and a target year are set.
- The SBTi commitment letter including the purpose and scope of the company is signed and submitted publicly
- The extent to which targets are achieved is tracked annually and published in the company’s publicly available resources.
- The base year is determined.
- The emission scope and categories are defined in line with the industry you operate in.
- The targets complying with the SBTi criteria are confirmed and the application is sent to the organization.
- Reductions are tracked and Science Based Targets are updated at most every 5 years.
What are Science based targets?
Science-based targets provide a clearly-defined pathway for companies and financial institutions to reduce greenhouse gas (GHG) emissions, helping prevent the worst impacts of climate change and future-proof business growth.
Targets are considered ‘science-based’ if they are in line with what the latest climate science deems necessary to meet the goals of the Paris Agreement – limiting global warming to 1.5°C above pre-industrial levels.
Reducing GHG emissions in line with climate science is good for the planet and for organizations.
What are the benefits of setting a science based target?
Science-based target setting makes business sense – it future-proofs growth, saves money, provides resilience against regulation, boosts investor confidence, spurs innovation and competitiveness – while also demonstrating concrete sustainability commitments to increasingly-conscious consumers.
Companies and financial institutions going through the target validation process benefit from detailed feedback and support from the SBTi’s technical experts. Organizations who sign the SBTi commitment letter are immediately recognized as “Committed” on our website, as well as the CDP and We Mean Business website as well as the UN Global Compact website if committing to the highest level of commitment ambition, the Business Ambition for 1.5°C campaign.
What are the aims of initiative?
The Science Based Targets initiative (SBTi) mobilizes the private sector to take urgent climate action.
By guiding companies in science-based target setting, we enable them to tackle global warming while seizing the benefits and boosting their competitiveness in the transition to a zero-carbon economy.
We do this by:
- Defining and promoting best practice in science-based target setting.
- Providing technical assistance and expert resources to companies and financial institutions who set science-based targets in line with the latest climate science.
- Bringing together a team of experts to provide organizations with independent assessment and validation of targets.
- Leading the Business Ambition for 1.5°C campaign, mobilizing companies to set science-based targets in line with a 1.5°C future
We know that governments and business must act together. Widespread and ambitious science-based target setting gives governments the clarity and confidence to take bolder action.
Our vision is for science-based target setting to become the new normal, creating a thriving economy in harmony with the natural world that sustains us all.
How do we finalize this process?
Step 1. Sign and submit the commitment letter Signing this commitment letter indicates that your company will work to set a science-based emission reduction target aligned with the SBTi’s target-setting criteria.
Step 2. Develop a target Once your company has signed the commitment letter you will have a maximum of 24 months to: 1) Develop a science-based target aligned with the SBTi criteria; 2) Submit the target to the SBTi for validation; 3) Publish your approved target on the SBTi website.
Step 3. Submit your target for official validation To have your science-based target officially approved and published, your company must complete the Target Submission Form and submit it for validation
Step 4. Announce the target On confirmation that your target meets the SBTi criteria, your company’s target will be published on the SBTi website and may be showcased in other communications.