SBTi (Science Based Target initiative): The Science Based Targets initiative (SBTi) is a global body enabling businesses to set ambitious emissions reductions targets in line with the latest climate science.
The SBTi’s goal is to accelerate companies across the world to support the global economy to halve emissions before 2030 and achieve net-zero before 2050. The initiative is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the Worldwide Fund for Nature (WWF) and is one of the We Mean Business Coalition commitments. The SBTi defines and promotes best practice in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies’ targets.
The Science Based Targets initiative (SBTi) is a collaborative effort among several organisations that aims to encourage and support businesses in setting science-based targets for reducing greenhouse gas emissions. The initiative provides a framework and methodology for companies to develop emission reduction targets that are in line with the latest climate science and the global goal of limiting global warming to well below 2 degrees Celsius above pre-industrial levels, as outlined in the Paris Agreement.
Key features of the Science Based Targets initiative include:
Scientific Credibility: The SBTi ensures that the emission reduction targets set by companies are scientifically rigorous and aligned with the best available climate science. This helps ensure that the targets are effective in contributing to global efforts to mitigate climate change.
Collaboration: The initiative is a partnership between several organisations, including the Carbon Disclosure Project (CDP), the United Nations Global Compact (UNGC), World Resources Institute (WRI), and Worldwide Fund for Nature (WWF). This collaboration brings together expertise in climate science, corporate sustainability, and environmental advocacy.
Target Verification: The SBTi provides a process for verifying that a company’s emission reduction targets are science-based. This verification adds credibility to a company’s sustainability efforts and demonstrates its commitment to addressing climate change.
Sectoral Guidance: The SBTi offers sector-specific guidance to help companies in various industries develop meaningful and effective science-based targets that are appropriate for their particular sector.
Transition to Low-Carbon Economy: By encouraging businesses to set science-based targets, the SBTi helps accelerate the transition to a low-carbon economy and promotes sustainable business practices.
Recognition and Leadership: Companies that set and achieve science-based targets are recognised for their leadership in addressing climate change and contributing to global climate goals.
Setting science-based targets involves assessing a company’s emissions, understanding its contribution to climate change, and identifying actions to reduce its carbon footprint. These actions can include improving energy efficiency, transitioning to renewable energy sources, optimising supply chains, and adopting sustainable business practices.
Many companies around the world have joined the Science Based Targets initiative and are working to align their emission reduction efforts with the latest climate science. By doing so, these companies demonstrate their commitment to a sustainable future and contribute to global efforts to combat climate change.