If you caught the first three editions of our Trust Geek Glossary series, you should already be well-versed in sustainability reporting frameworks like CDP, SASB, and GRI. But you may be wondering about some terms you’ve heard around corporate climate action such as GHG, CO2, or science-based targets. Today we’re going to get you up to speed on the SBTi Net Zero Standard. Key questions we’ll look at include:
- What is the Science Based Targets initiative?
- What are science-based targets (SBTs) – SBT meaning?
- What is the SBTi Net-Zero Standard? Is it mandatory?
- Who uses the SBTi Net-Zero Standard?
- How can companies set science-based targets?
- How does SBTi reporting work?
- What are the benefits of setting science-based targets?
- What is the SBTN – Science Based Targets Network?
- How can Trust Intelligence help companies achieve their science-based targets?
Read on to learn more about SBTs!
For practical guidance on setting climate targets, download The Guide For Setting Corporate Climate Goals
What is the Science Based Target initiative (SBTi)?
The Science Based Targets initiative is a global coalition that promotes science-based targets (SBTs) to facilitate and strengthen business participation in the shift to a net-zero economy. The initiative is a partnership between the CDP, the World Resources Institute (WRI), the United Nations Global Compact (UNGC), and the World Wildlife Fund (WWF). It is also one of the commitments of the We Mean Business Coalition (WMB), a group of leading nonprofits that collaborates with some of the world’s most influential companies to take climate action. Organizations that want to participate in SBTi must commit themselves to setting a science-based target (SBT) within two years. Since its launch in 2015, more than 3000 companies have joined the SBTi to set science-based targets.
What are science-based targets (SBTs) – SBT meaning?
SBTs are goals that organizations set to reduce their greenhouse gas (GHG) emissions in line with the Paris Agreement to mitigate the worst effects of the climate crisis. Ratified by more than 190 countries, the Paris Agreement aims to limit the rise of global temperatures to well below 2°C above pre-industrial levels while also striving for a limit of 1.5°C.
1.5°C vs 2°C world
The difference of 0.5°C has significant implications for our world as shown below.