Science Based Target Initiative (SBTi)
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Science-based targets (SBTs) are ambitious goals set by companies to reduce their greenhouse gas (GHG) emissions in line with the latest climate science. These targets are designed to align with the goals of the Paris Agreement, which aims to limit global warming to well below 2 degrees Celsius above pre-industrial levels.
SBTs are based on the concept of carbon budgets, which represent the amount of GHG emissions that can be released into the atmosphere while still maintaining a safe level of global warming. These budgets are calculated using complex climate models and take into account various factors such as historical emissions, future emissions projections, and the desired temperature targets.
Companies that commit to SBTs undergo a rigorous process to set their targets. This includes assessing their current emissions, identifying reduction opportunities, and developing a roadmap to achieve the targets. SBTs typically cover emissions across the company's value chain, including direct emissions from operations (Scope 1), indirect emissions from purchased electricity (Scope 2), and emissions from the value chain (Scope 3).
By adopting SBTs, companies demonstrate their commitment to addressing climate change and taking responsibility for their environmental impact. Achieving these targets requires implementing sustainable practices, investing in renewable energy, improving energy efficiency, and collaborating with suppliers and partners to reduce emissions throughout the value chain.
SBTs offer numerous benefits to companies beyond environmental impact. They can drive innovation, enhance reputation, and attract investors and customers who are increasingly prioritizing sustainability. Additionally, setting SBTs can help companies manage regulatory risks, anticipate market trends, and improve operational efficiency.
The Science Based Targets initiative (SBTi) is a collaborative effort between CDP, the United Nations Global Compact, World Resources Institute (WRI), and the World Wide Fund for Nature (WWF). The SBTi provides guidance and verification for companies setting SBTs, ensuring that the targets are scientifically robust and aligned with climate goals.
In conclusion, science-based targets provide a framework for companies to align their emissions reduction efforts with climate science and contribute to global efforts to combat climate change. By setting and achieving these targets, companies can play a significant role in transitioning to a low-carbon economy and creating a sustainable future.