World governments signed the Paris Climate Agreement in 2015, committing to maintaining global temperature rise to well-below 2 degrees above pre-industrial levels and pursuing efforts to limit warming to 1.5 degrees. In order for these targets to be met, greenhouse gas emissions must halve by 2030 and drop to net-zero by 2050.
Meeting science-based targets has become increasingly urgent, with the 2030 deadline now less than seven years away. Your company can make a crucial difference by reducing greenhouse gas emissions and setting a science based target to follow.
In this blog post, we explore what a Science Based Target is, why they are important, and address some of our most frequently asked questions on the topic.
What Are Science Based Targets?
Science Based Targets (SBTs) are a productive method for businesses to define their emissions reduction targets, ensuring they align with the latest evidence-based data and environmental science. Science Based Targets follow a strategic approach; they focus on the exact quantity of emissions needed to be reduced to meet the targets set out in the Paris Climate Agreement, limiting global warming to 1.5 degrees above pre-industrial levels.
What Is The SBTI?
SBTI stands for Science Based Targets Initiative, and is a global partnership which enables companies to set ambitious and concise emissions reduction targets to reduce greenhouse gas emissions, aligning with the latest climate science. The SBTI ensures that targets are ambitious, credible and productive in combatting climate change. SBTi accreditation is one of the most productive approaches to carbon accounting and reporting, offering third-party verification of your emissions data and ensuring your organisation is aligned with a credible pathway to carbon reduction.
Who Decides What SBTs Are?
Science Based Targets are periodically decided by a group of international scientists and experts. Together, they publish a series of numbers including:
- What should companies reduce their Scope 1 and 2 emissions by?
- What should companies reduce their Scope 3 emissions by?
- What you should be aiming for with Science Based Targets.
How To Set Up SBTs
- Measure your carbon emissions – Guided by a sustainability expert, collect and upload the data that you need for your carbon footprint. You will need to include your Scope 1, 2 and 3 carbon emissions. By using a carbon accounting platform, this data can be collated efficiently.
- Commit to SBTi – Register online and submit your commitment letter. By signing this letter, your company is committing to working towards SBTs aligned with the SBTi’s target setting criteria. After passing the due diligence process, your company will be recognised as “committed” at SBTi’s webpage.
- Define your SBTs – Once your carbon data has been analysed, define your targets, ensuring they are aligned with the SBTi criteria and latest climate science.
- Complete the SBTi Target Submission Form – Create a business profile on the SBTi website, fill in the form with your company information, and upload your targets and supporting documents (for example, the GHG inventory report). Carbon accounting platforms can assist you with the application and getting access to all of your supporting documents.
- Get your SBTs approved and published – The SBTI committee will review all of your company data and targets and approve them. Announce your approved targets through your carbon website, press releases and sustainability reports. Inform your key stakeholders, investors, customers, and employees.
- Implement, monitor and report – Take action to meet your targets and regularly track and report progress in line with SBTi requirements.
Our Frequently Asked Questions About SBTs
1) Why Is It Important To Set Up SBTs?
- It is important to set up Science Based Targets to demonstrate your company’s commitment to your carbon reduction goals, aligning with the latest climate science and helping to combat climate change.
- To also enhance your business credibility and prepare you to meet government regulations.
- To attract investment and gain trust with stakeholders.
- To reduce risks to your business.
- To save on your operational costs.
- To position your business as a key sustainability leader.
2) What Can I Do If My Suppliers Don’t Know Their Carbon Footprint?
At Enistic, we offer 7 different ways to analyse your Supply Chain carbon emissions.
3) How Often Do I Need To Update My Progress To The SBTI?
The SBTI committee does an audit every five years to assess if the emissions trajectory is followed.
4) Do I Need To Analyse My Supply Chain Emissions To Comply With SBTI?
Yes, you need to include all of your carbon emissions, including the ones from your supply chain.
5) How Long Does It Take To Set Up SBTs?
On average, it takes 3-12 months to set up your SBTs. Once you submit your targets to the SBTi, it normally takes about 1-2 months to get validated.
To Summarise…
With the 2030 climate deadline approaching fast, setting Science Based Targets (SBTs) is more critical than ever. Throughout this blog, we break down what an SBT is, what an SBTi is, why they are important and answered our most frequently asked questions. If you have any further queries, don’t hesitate to book a call with us – we’d be happy to help.