Science-Based Targets initiative (SBTi)
n recent years, the world has witnessed a growing concern for the need to tackle climate change. Governments, businesses, and civil society organizations have come together to identify ways to reduce greenhouse gas (GHG) emissions and mitigate the effects of climate change. One such initiative is the Science-Based Targets initiative (SBTi).
The SBTi is a partnership between CDP, the United Nations Global Compact (UNGC), the World Resources Institute (WRI), and the World Wildlife Fund (WWF). The initiative aims to encourage companies to set science-based targets for reducing GHG emissions. The SBTi provides companies with the tools, guidance, and expertise needed to develop science-based targets that are consistent with the latest climate science.
The SBTi has three main components:
- Target Validation: The SBTi provides a comprehensive framework for validating and approving science-based targets. The targets are assessed based on their alignment with the latest climate science and their ability to contribute to keeping global warming below 2°C or even 1.5°C.
- Sectoral Decarbonization Approach (SDA): The SDA is a framework developed by the SBTi that provides companies with sector-specific pathways to reduce emissions in line with science-based targets. The SDA takes into account the unique challenges and opportunities that different sectors face in reducing emissions.
- Engagement: The SBTi engages with companies, investors, policymakers, and other stakeholders to promote science-based targets and encourage greater ambition in climate action.
Setting science-based targets is an important step in the transition to a low-carbon economy. Science-based targets help companies to align their business strategies with the goals of the Paris Agreement and reduce their exposure to climate risks. In addition, science-based targets can help companies to identify new business opportunities, improve their competitiveness, and enhance their reputation as responsible corporate citizens.
The SBTi has already had a significant impact. Over 1,000 companies across various sectors have committed to setting science-based targets, and more than 400 companies have had their targets approved by the SBTi. The SBTi has also played a key role in mobilizing companies to set net-zero targets in line with a 1.5°C future.
In conclusion, the SBTi is a powerful tool for driving climate action in the private sector. It provides companies with the guidance, expertise, and validation needed to set ambitious science-based targets and contribute to the global effort to tackle climate change. By committing to science-based targets, companies can take a leading role in the transition to a low-carbon economy and help create a sustainable future for all.