SBTi (Science-Based Targets initiative)
The SBTi is a coalition established in 2015 which aims to enable companies to set emission reduction targets in line with leading climate science. It is a collaboration between CDP, the United Nations Global Compact, World Resources Institute and WWF.
The science-based targets show organizations how much and how quickly they need to reduce their greenhouse gas (GHG) emissions to prevent the worst effects of climate change.
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, and are utilizing these science-based targets to help them do that.
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.
Offering a range of target-setting resources and guidance, the SBTi independently assesses and approves companies’ targets in line with its strict criteria.
Companies can follow a simple five-step process mandated by the SBTi to cut their GHG emissions:
Step 1: Commit
Submit a letter establishing your intent to set a science-based target.
Step 2: Develop
Work on an emissions reduction target in line with the SBTi’s criteria.
Step 3: Submit
Present your target to the SBTi for official validation.
Step 4: Communicate
Announce your target and inform your stakeholders.
Step 5: Disclose
Report company-wide emissions and progress against targets on an annual basis.
According to the STBi, there are various benefits for companies that adopt science-based targets, including:
- Boosting profitability
- Improving investor confidence
- Driving innovation
- Reducing regulatory uncertainty
- Strengthening brand reputation
Thousands of companies are taking action via this initiative - you can see the full list here.
When it comes to GHG emissions, our ESG and carbon footprint management software can assist to:
- Identify your emissions sources, track the consumption thereof (diesel for example), and calculate your emissions per greenhouse gas
- Provide you with access to a global standard emissions factors database via our in-built calculation engine
- Set emission reduction targets and track your progress in achieving these
Our ESG on Lumina product also includes the following emission factor libraries as established content within our indicator library for any IsoMetrix Lumina user.
- Greenhouse Gas (GHG) Protocol
- Department for Environment, Food, and Rural Affairs (DEFRA)
- AP-42: Compilation of Air Emissions Factors | US EPA
- Code of Federal Regulations Part 98: Mandatory GHG Reporting
For more information, get in touch with one of our GHG and carbon footprint management software experts.