Why Science-Based Targets
The evidence is clear that global warming is occurring, and science-based targets provide a minimum reduction pathway required to avoid the worst outcomes of climate change.
These targets are set by the Science Based target’s initiative (SBTi). Last year they released a net zero guidance for corporates that contains everything you need to know and, most importantly, how to get to net zero or beyond.
Science-Based Targets – What are they?
The popularity of science-based targets is increasing in the corporate world; they are expanding from not only emissions but also nature-based science targets.
Commitment to a science-based target demonstrates to stakeholders that your company is taking the necessary steps to reduce the climate impacts of your value chain.
With a science-based target, your efforts to move towards a more sustainable and hopefully regenerative future are validated. You must have some monitoring and buy-in from the board before commencing the SBTi journey.
Know this Science-Based criterion for Scope 3 emissions
One important criterion of the SBTi is that if more than 40% of your emissions sit in your value chain, you require a Scope 3 target.
Four steps to set a Science-Based Target
There are four key steps to setting a formal Science-based target:
1) Firstly, you need to commit by submitting a letter to the SBTi
2) You need to develop your target in line with the SBTi criteria
3) This step is to submit your target for official validation
4) Last step is you can communicate and disclose your progress annually against this target
There are many positives in setting a science-based target, including reputational and competitive benchmarking, keeping you ahead of regulations attracting talent and demonstrating to key stakeholders, including investors, that you are serious about reducing your emissions.
We help companies align to and set science-based targets. Make sure you check out the other video’s in this Decarbonising Scope 3 Emissions series.
If you would like to know more
Contact us at Evolveable Consulting, and we assist businesses in identifying decarbonisation solutions and strategies to reshape their business. You can learn more about our services or book a consultation directly with us.