What is the Science Based Targets initiative (SBTi)?
The CDP, the United Nations Global Compact, World Resources Institute and the World Wide Fund for Nature collaborated to launch the Science Based Targets initiative (SBTi).
To reduce the impact of global warming, greenhouse gas (GHG) emissions must be halved by 2030 and net zero must be achieved by 2050. SBTi helps businesses and organisations set and achieve these goals.
Since SBTi’s inception in 2015, more than 1,000 companies have used the initiative to set a science-based climate target to reduce their emissions.
Why should businesses set a science-based target?
With climate change becoming an increasingly urgent issue, businesses across the globe must act to reduce their environmental impact – however, the scale of which businesses need to change depends on their current impact.
By setting science-based targets, companies are able to assess how much and how quickly they need to reduce their greenhouse gas (GHG) emissions, while also enabling them to define best practices in emissions reductions and net-zero targets.
Businesses and organisations that commit to SBTi will also have exposure to a team of experts to provide independent assessment and validation of targets, to help them keep on track to set and achieve net-zero targets in line with a 1.5°C future.
By committing to science-based targets, businesses are able to future-proof their growth, while also standing out from competition, saving money, and boosting investor confidence.
“EDP is joining the global movement of companies committed to aligning their business with the most ambitious target of the Paris Agreement to limit the global average temperature increase to 1.5ºC above pre-industrial levels,” said António Castro, Head of EDP’s Corporate Sustainability Department.
How business can set science-based targets
For a business to commit to a science-based target, it needs to accommodate five steps:
- Commit: Businesses must submit a letter establishing its intent to set a science-based target
- Develop: The business will then work to set a goal in line with the SBTi’s criteria
- Submit: Targets must then be presented to the SBTi for official validation
- Communicate: Targets must then be announced and stakeholders can be informed
- Disclose: Company-wide emissions must be tracked and reported annually
This process can be completed online.
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