SBTi growing in prominence as firms chart paths to net zero
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Increasing numbers of companies are turning to the initiative to help them to set emission reduction targets.
Established in 2015 to help companies to set emission reduction targets in line with climate science and Paris Agreement goals, the Science Based Targets initiative (SBTi) is becoming increasingly prominent as firms ramp up their efforts to reduce their greenhouse gas (GHG) emissions.
In addition to cutting emissions, many firms are going further still in making public statements of intent to reach net zero within a specified timeframe. The SBTi recently 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.
Companies can follow a simple five-step process mandated by the SBTi to cut their GHG emissions, including submitting a letter of intent, presenting their science-based target to the organization, and reporting company-wide emissions and progress against targets on an annual basis.
The initiative states that over a thousand organizations worldwide have set emissions reduction targets grounded in climate science, and the movement seems to be gathering momentum. A quick Google search for news on the SBTi throws up results for multiple big-name companies such as Airbus, Lenovo, T-Mobile, and Epson all setting SBTi-validated targets within the last month.
Anecdotally, this seems to be the case as well. Feedback from IsoMetrix's own sales teams indicates a high level of interest and queries surrounding the science-based targets, revealed via discussions with potential clients and through attendance at industry events.
Although many companies are unsure about where to start and how to proceed, it seems clear that there is a growing desire among organizations to get involved and be a part of the solution to the climate crisis.
Organizations and initiatives like the SBTi are helping to lay out clear and user-friendly methods to make this happen.
IsoMetrix offers a range of software functionality regarding emissions, including the ability to identify your emissions sources, track the consumption thereof (diesel for example), and calculate your emissions per greenhouse gas.
For more information, get in touch with one of our GHG and carbon footprint management software experts.