Time to adopt science-based targets? Or just another bandwagon?
– Have your peer companies adopted science-based targets?
– Are your shareholders asking you to adopt science-based targets?
– How do you set science-based targets?
Here’s a write-up from our advisory board member, Ginny Fogg: Are science-based targets here to stay, and what makes them better than your carbon reduction targets? Isn’t it all based on climate science anyway? If your peer companies have adopted and your shareholders are asking you to adopt, then it’s time for your company to consider adoption of science-based targets – maybe even a little past time.
This article from ESG Global Advisors walks you through what science-based targets are, how to set them, and the benefits and challenges of doing it.
Many companies set carbon emission reduction goals based on a percentage improvement from their existing emissions, and those goals can be quite ambitious. But the Science-Based Targets initiative (SBTi) has issued a call-to-action for companies to set targets that are in line with the Paris Agreement goal to limit global average temperature increase to 2-degree Celsius. The collective goal, and the goal for each company, is net zero emissions by 2050. Science-based targets measure quantitative progress at prescribed periods along the way, utilizing reliable and consistent measurement methodology.
As of the end of July, 1663 companies have committed to adopt science-based targets, and 828 have science-based targets that SBTi has approved. These numbers show tremendous progress on SBTi, not just another bandwagon. Once you begin to measure progress toward net zero emissions, you have to set a clear path to getting there. It’s about getting to where we need to be, not just getting better.