Science Based Targets initiative
 | |
| Established | 2015 |
|---|---|
CEO | Luiz Amaral, WRI |
| Staff | 85 |
| Website | sciencebasedtargets.org |
The Science Based Targets initiative (SBTi) is a collaboration between the CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF), with a global team composed of people from these organisations.[1] Since 2015, more than 1,000 companies have joined the initiative to set a science-based climate target.[2]
Organization
[edit]The Science Based Targets initiative was established in 2015 [3] to help companies to set emission reduction targets in line with climate sciences[4] and Paris Agreement goals.[5] It is funded by IKEA Foundation, Amazon, Bezos Earth Fund, We Mean Business coalition, Rockefeller Brothers Fund and UPS Foundation.[6] In October 2021, SBTi developed and launched the world's first net zero standard, providing the framework and tools for companies to set science-based net zero targets and limit global temperature rise above pre-industrial levels to 1.5 °C.[7][8] Best practice as identified by SBTi is for companies to adopt transition plans covering scope 1, 2 and 3 emissions, set out short-term milestones, ensure effective board-level governance and link executive compensation to the company's adopted milestones.[3]
Sector-specific guidance
[edit]SBTi developed separate sector-specific methodologies, frameworks and requirements for different industries. As of September 2024, sector guidance[9] is available for:
- Aluminium (Scoping phase)
- Apparel and footwear (Finalized)
- Aviation (In development)
- Buildings (Finalized)
- Chemicals (In development)
- Cement (Finalized)
- Financial institutions (Finalized)
- Forest, Land and Agriculture (Finalized)
- Information and Communication Technology (Finalized)
- Land transport (In development)
- Maritime (Finalized)
- Oil and Gas (In development)
- Power (Finalized)
- Steel (Finalized)
Carbon offsets controversy
[edit]In April 2024 the SBTi Board of Trustees released a statement[10] setting out an intention to permit the use of environmental attribute certificates (EACs) for abatement purposes against Scope 3 emissions reduction targets. SBTi did not previously permit the use of EACs due to the difficulties faced in tracing, measuring and validating their impact.[11] The Bezos Earth Fund, a major funder of the SBTi, exerted influence on SBTi board members to relax the organization's position on carbon offsets.[12][13][14] The statement led to a response letter[15] signed by various teams within the SBTi and media speculation about the policy change. The counter argument set out in the response being that carbon offsets are incompatible with the Paris Agreement.[16]
Launched in September 2022, the SBTi's Forestry, Land and Agriculture (FLAG) guidance[17] allows companies to claim the achievement of their emission reduction targets through ‘insetting’, breaking from the long-held SBTi position that emission reduction targets should only be achieved through emission reductions.[18] Insetting is a business-driven concept and not a term defined in international standards and guidelines such as ISO 14050 Environmental Vocabulary and IWA 42 Net zero guidelines.[19]
On 2 July 2024, CEO Luiz Amaral announced that he would step down for personal reasons.[20]
See also
[edit]- Carbon accounting
- Carbon Disclosure Project
- Carbon footprint
- Carbon neutrality
- Carbon offsets and credits
- Corporate sustainability
- Climate change
- Greenhouse gas emissions
- Greenhouse gas inventory
- Net zero emissions
- Paris Agreement
- United Nations Global Compact
- World Resources Institute
References
[edit]- ^ Science Based Targets, Partner organizations, accessed 2 December 2021
- ^ "30+ target-setting firms reduce emissions by a quarter in five years".
- ^ a b Real Sustainability, Science Based Targets for Financial Institutions, accessed 2 December 2021
- ^ "Set Science-Based Emission Reduction Targets".
- ^ "Lead the way to a low-carbon future".
- ^ "Funders".
- ^ "SBTi Launches World-First Net-Zero Corporate Standard".
- ^ "For corporate net zero targets, focus on the big picture".
- ^ "Sector-specific projects". sciencebasedtargets.org. Science Based Targets Initiative (SBTi).
- ^ "Statement from the SBTi Board of Trustees on use of environmental attribute certificates, including but not limited to voluntary carbon markets, for abatement purposes limited to scope 3". Science Based Targets initiative. 9 April 2024. Retrieved 18 April 2024.
- ^ Greenfield, Patrick (2023-01-18). "Revealed: more than 90% of rainforest carbon offsets by biggest certifier are worthless, analysis shows". The Guardian. ISSN 0261-3077. Retrieved 2024-04-18.
- ^ Suppan, Steve. "Science Based Targets Initiative board undermines integrity of its corporate climate standard". iatp.org. The Institute for Agriculture and Trade Policy (IATP). Retrieved 22 April 2024.
- ^ Neuro, Benzinga. "Jeff Bezos's Earth Fund Under Scrutiny For Potential Influence On Carbon Credit Market Amid Amazon's Expanding Climate Initiatives - Amazon.com (NASDAQ:AMZN)". Benzinga. Retrieved 2024-09-02.
- ^ Bryan, Kenza (2024-09-01). "Amazon and Bezos fund's influence over carbon credit market raises alarm". Financial Times. Retrieved 2024-12-11.
- ^ "Read the leaked protest letter from SBTi staff angry over new carbon offset policy | GreenBiz". www.greenbiz.com. 11 April 2024. Retrieved 2024-04-18.
- ^ Cullenward, Danny; Badgley, Grayson; Chay, Freya (September 15, 2023). "Carbon offsets are incompatible with the Paris Agreement". One Earth. 6 (9): 1085–1088. doi:10.1016/j.oneear.2023.08.014.
- ^ "Forests, Land and Agriculture". Science Based Targets. Retrieved 2024-04-23.
- ^ "Corporate Climate Responsibility Monitor 2023". newclimate.org. The New Climate Institute.
- ^ "Net Zero Guidelines". iso.org. International Organization for Standardization.
- ^ Science Based Targets initiative (2 July 2024). "Luiz Amaral to step down as CEO of Science Based Targets initiative". Science Based Targets initiative. Retrieved 3 July 2024.