Science Based Targets initiative
The Science Based Targets initiative (SBTi) was introduced in 2018 to provide companies with a clearly defined path in reducing their emissions in line with the Paris Agreement goals. It helps companies understand how quickly they need to reduce their greenhouse gas (GHG) emissions to prevent the effects of climate change and lead them on a clear path towards decarbonisation.
Carbon reduction targets are considered Science-Based if they are in line with the latest climate science which has been set out to meet the goals of the Paris Agreement and limit global warming to 1.5°C. Targets are only credible if they meet a specific criteria, this includes covering a minimum of 5 years, making sure the targets are periodically updated to fit any changes that would otherwise affect their relevance, and that they align with an organisation’s GHG inventory.
A report in 2016 showed that the energy sector (electricity, transport, and heat) has been responsible for 73.2% of global GHG emissions. This has opened the door for companies from all areas and sizes committing to setting Science-Based targets, with more than 2,000 companies in 50 sectors already adopting SBTi goals to reduce their emissions in line with climate science.
What are the business benefits?
Not only is reducing your GHG emissions great for the planet, it also benefits your company.
- Setting Science-Based targets can inspire a long-term sustainability vision, as these goals align with your carbon reduction plan, it allows you to think beyond short-term solutions and look for GHG emission reductions that will last.
- Having a transparent target setting process demonstrates your commitment to challenging climate change and can increase your company’s reputation among stakeholders such as investors and NGOs.
- Many people believe that reducing emissions can come at a high cost, but almost a third of companies that have set science-based targets have already seen bottom-line savings due to their commitment.
- Having Science Based targets in place has also been proven to increase employer attractiveness for employee talent, as reports show that many prospective job seekers will consider an organisation’s environmental commitments when applying. By showing this dedication to futureproofing the company, it also increases retention of existing employees.
- Be better equipped to meet evolving energy and carbon legislation and compliance, and the UK Government’s Net Zero 2050 target.
- Futureproof your resilience against a world that is moving away from fossil fuels and towards affordable, cleaner forms of energy.
- Your organisation’s logo will be featured on the CDP, UN Global Compact, Science Based Targets and We Mean Business websites, giving your organisation more credibility in the net zero world.
- The effective communication of Science-Based targets can help to guide your internal management decisions and foster support from employees when it comes to driving sustainability improvements.
How TEAM can help with your Science based climate targets ?
Our Net Zero and Carbon Reduction Consultancy includes a plan to create, maintain and report on your Science Based targets. We can help you to achieve your goals by:
- Understanding your organisation’s energy and emissions output to design an achievable Science Based Target goal
- Advising on how you can achieve your carbon reduction goals as well as supporting on the concepts to include in your targets and strategies
- Summarising any opportunities for carbon reduction and how they will contribute to your targets as well as providing financial appraisal to assess their affordability
- Development of a plan including activities and target dates
- A review of how best to communicate your targets and complete strategy with key stakeholders and interested parties
- Explanation of additional opportunities and benefits of certain targets
- You will also receive a definition of how the targets will be measured and what factors may impact them as well as an overview of the challenges and risks involved in various options.
The models and data underlying the development of Science Base Targets are provided by the Science Based Targets Initiative and the International Energy Agency. Companies adopting their own Science Based Targets can have them assessed and validated by the Initiative for a fee.
For more information, you can speak to a member of the team on 01908 690018 or contact us online.
Speak to a consultant on 01908 690018 to learn how our Net Zero and Carbon Reduction Consultancy services can help you