The science-based targets initiative (SBTi) is designed to help companies reduce their greenhouse gas emissions, demonstrate their commitment to creating a climate-secure world, and drive successful business operations. But if the UK is to align to a 1.5 ยฐC trajectory, intervention is needed.
Itโs clear that some organisations are stalling progress towards their climate pledges, triggering the science-based targets initiative to update their Commitment Compliance Policy.
As of 31st January 2023, organisations will face more rigorous requirements in validating their net zero targets and progress. It means companies will be held more accountable for acting on their net zero commitments.
Andrew Tasker, Associate Director โ EIA & Sustainability, explores the new SBTi changes on the horizon and how they will affect companies committing to net zero.
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A science-based target (SBT) is a goal or set of goals developed by a business to provide a clearly defined pathway to reduce greenhouse gas (GHG) emissions. The target details how much and how quickly a business needs to reduce its GHG emissions. To be โscience-basedโ, an emissions reduction target must be in line with the scale of reductions required to keep global warming below 1.5ยฐC from pre-industrial levels in line with the most ambitious aim of the 2015 Paris Agreement.
Through the Paris Agreement, world governments pledged to limit global warming to well-below 2ยฐC, preferably to 1.5ยฐC, above pre-industrial levels. In 2018, the Intergovernmental Panel on Climate Change warned that temperature rise must not exceed 1.5ยฐC. Temperatures higher than this will cause extreme heatwaves, droughts and rising sea levels which threaten entire ecosystems. ย
To meet the 1.5ยฐC target, greenhouse gas emissions must halve by 2030, and fall to net zero by 2050. Industry is responsible for the largest number of emissions across the globe, so changing how businesses operate and accelerating 1.5ยฐC-aligned corporate targets is vital.
Science-based targets have a definitive role in preventing global temperature rise, helping us shape emissions reduction targets backed by climate science. Thousands of organisations worldwide have committed to net zero. Yet itโs becoming more apparent that some were quick and keen to make their climate pledge, but slow and noncommittal in developing credible pathways.
We launched a Net Zero Carbon Progress Check tool in April 2021 to enable businesses to review their current net zero carbon position and determine the likelihood of achieving their carbon reduction targets before the 2050 deadline. The Progress Check data we collected from over 700 participants showed that over 45% of businesses donโt believe theyโre on track to achieve net zero carbon. Even more concerning is the fact that 36% of participants had no carbon reduction targets in place at all for the next 10 years.
Andrew Tasker
Associate Director - EIA & Sustainability
From 31st January 2023*, the science-based targets initiative is enforcing a new Commitment Compliance Policy. This brings positive change in increasing transparency and accountability and, importantly, places emphasis on tangible validated targets over commitments.
These changes include:
*Companies that face deadlines before 31 January 2023 can seek an extension to 31 July 2023
The new policy will help reveal which companies are actioning their commitments and actually setting science-based targets.
But itโs not the same for every industry and sector - the rate of decarbonisation differs. This is stated in the Climate Change Committeeโs (CCC) sixth carbon budget and is also now in the SBT sector specific guidance and trajectories.
The table on the right from Science Based Targets outlines exactly what the changes will mean for businesses that have committed to setting emissions reduction targets. Click on the image to enlarge.
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