Science based targets are key to carbon reduction and the SBTI has taken more steps to drive growth in global net zero ambitions.
Science based targets initiative (SBTI) has issued a call for input to a major new survey and announced a series of changes to reinforce its leading position and drive exponential growth in the adoption and implementation of science-based climate targets.
“Today marks another milestone in the SBTi’s evolution. Not only are we moving towards incorporation, which will enable us to work more effectively and agilely, but we’re unveiling plans for our Technical Council and inviting more people to have their say in the future of our work,” said Luiz Amaral, Chief Executive Officer (CEO) of the SBTi.
“The Technical Council will be pivotal to the SBTi’s work – and our success – so we’re looking for the very best of the best to serve on it. If you have the skills and experience wherever you are in the world, I urge you to apply.”
Announcing changes to its structure the Science Based Targets initiative said it is “Moving ahead with incorporation as a stand-alone entity, Sharing the Terms of Reference for our new Technical Council and calling for applications and Calling on all stakeholders to help shape our future work by completing our survey.
“In June 2022, we announced our intention to incorporate as a formal institution, linked to but separate from our founding partners CDP, World Resources Institute , World Wide Fund for Nature and the United Nations Global Compact and our collaborator the We Mean Business Coalition . Today, we can announce that at its August meeting, the SBTi Executive Board approved this incorporation, with further details and a timescale to follow.
“We are also starting the search for our new Technical Council. The Council will oversee the SBTi’s normative technical decision-making and act as an independent authority to provide expert assessment, including on target setting methods. It will be accountable to the Executive Board and will comprise highly qualified individuals from diverse backgrounds and areas of expertise including GHG accounting, climate mitigation, climate science and modelling, as well as social and environmental justice.
“We’re also asking stakeholders to respond to a survey to help shape important elements of our work. The survey, which is open to 30th September 2022, can be found here: http://ow.ly/T1Hv50KAbw1
A record number of companies are committing to and setting science-based climate targets. At the end of 2021, 2,253 companies across 70 countries and 15 industries, representing more than one third ($38 trillion USD) of global market capitalization, had approved emissions reductions targets or commitments with the SBTi.
Almost 80% of targets approved in 2021 were aligned with 1.5°C. Between 2015-2020, the majority of companies with 1.5°C targets cut emissions twice as fast as required.
The world has reached the 20% critical mass of science-based targets adoption among high impact companies. Science-based targets are associated with a 12% emissions reduction across scope 1 and 2 emissions in 2020 and a longer term reduction of 29% since 2015. SBTi companies are delivering excess reductions at an accelerated rate compared to their peers.
The SBTi is calling on companies worldwide to align with its Net-Zero Standard to accelerate immediate corporate emissions reductions in line with 1.5°C – there are now 11 companies with approved net-zero targets and more than 1,000 companies committed.
