Introduction
As of January 2025, 10,000 firms are now committed to Science Based Targets. They are one of the most important methods which companies can implement in order to become more sustainable. In this article, we explore what Science Based Targets are, why they are important, and the benefits of implementing them into your carbon reduction plan.
What Are Science Based Targets?
Science based targets are set by companies looking to become more sustainable. They are corporate sustainability goals which align with the latest climate science. Science based targets encourage companies to mitigate greenhouse gas emissions in line with regulations such as the Paris Agreement. Importantly, science based targets are checked and approved by the SBTI (Science Based Targets Initiative) to ensure that commitments are credible and align with the latest climate science.
The Paris Agreement
The Paris Agreement is a legally binding international treaty on climate change. It was adopted by 195 parties at the UN Climate Change Conference in December 2015. The agreement was entered into force in November 2016.
The overriding goal is to keep the global average temperatures to below 2 degrees above pre-industrial levels and limit temperature increases to 1.5 degrees above pre-industrial levels. However, recently, world leaders have stressed the need to limit global warming to 1.5 degrees by the end of the century.
“Science-based targets offer companies a clear, actionable path to align emissions reductions with the Paris Agreement goals. Over 10,000 businesses worldwide area already involved.”
Science Based Targets Initiative
What is the SBTI?
The SBTI is an abbreviation for the Science Based Targets Initiative. Essentially, it is a partnership between the Carbon Disclosure Project (CDP), United Nations Global Compact, World Resources Institute (WRI) and World Wide Fund for Nature (WWF).
The SBTI is an excellent tool for companies looking to meet their sustainability targets. The SBTI:
- Approves targets considering ambition, scope, timeframe, boundary, credibility and transparency, also striving for net zero emissions.
- The targets must match Paris Agreement goals, cover all emissions, set a clear timeframe, include relevant sources, rely on strong science and be publicly disclosed.
Why Are Science Based Targets Important?
Science based targets are undeniably one of the best methods for companies to implement into their carbon reduction plans. These targets, in line with the latest science, assist some of the world’s largest emitters with productively reducing their carbon emissions. By aligning with the Paris Agreement goals, science based targets actively progress the movement towards a healthier planet. By setting science based targets, companies can help to avoid the worst effects of climate change.
How To Apply For SBTI
Step 1: Register and submit the commitment letter
Firstly, register online and submit your commitment letter. By signing this letter, you are indicating that your organisation will work to set a SBT which aligns with the latest science.
Step 2: Calculate your emissions
Use a carbon accounting platform to analyse your Scope 1, 2 and 3 emissions. Use of a platform allows you to automate data collection, making compliance more efficient.
Step 3: Set Up Your Targets
Use the support of a carbon accounting platform to define your targets, ensuring they are in line with the latest climate science.
Step 4: Submit your report
Complete the SBTi Target Submission Form by filling in your company information, uploading your targets and supporting documents.
Step 5: Validate Your Targets
Get your targets approved by the SBTI committee.
Step 6: Publish Your SBTs
Share your approved targets via your company website, press releases and sustainability reports. Inform your key stakeholders, include your investors, customers and employees.
Step 7: Implement, monitor and report
Regularly track and report progress in online with your SBTi requirements. Repeat this reporting process to share with your key stakeholders.
Benefits of Science Based Targets
Science based targets are a valuable device for companies in order to set clear, concise sustainability goals. They have a variety of benefits:
- Enhanced Brand Reputation: A company’s proven commitment to sustainability is of great importance in today’s climate. This commitment is attractive for stakeholders, investors and consumers.
- According to the SBTI, 79% of company executives have seen brand reputation boosted by science based targets.
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- Reduced Operational Costs: Once your company has joined an SBTI, you may notice your company saves money in places you didn’t expect. Your company’s operations will remain efficient against a world where resources from fossil fuels will become increasingly expensive.
- Increased Investment Confidence: In a world where climate change is dramatically increasing, investors will often look at a company’s environmental policy in order to define their business credibility.
“For multinational retailer Tesco, setting a science-based target allowed them to ‘demonstrate their seriousness in tackling climate change both to investors and other stakeholders’, proving themselves to be a forward-thinking, sustainably-minded company to a new generation of ethical investors.”
Science Based Targets Initiative
- Provide A Competitive Edge: Companies who recognise the fact that they may have a negative impact on the environment, but also set themselves targets to change these impacts, have an increased likelihood in improving their brand reputation. According to the SBTI, 55% of those surveyed state that committing to the Science Based Targets Initiative gave them a competitive advantage.
- Verify Your Environmental Efforts: Gain confidence in your sustainability goals by getting your targets checked and approved by the SBTI. Once verified, your company can feel on track with their targets.
- Increase Employee Retention: In this day and age, young employees are drawn to companies who take climate change seriously. Increase employee retention by demonstrating commitment to your sustainability goals and working together to achieve them.
In Summary…
Achieving SBTI verification is a productive step towards sustainability, especially in a world where investors are increasingly prioritising companies with strong environmental records. Companies who set themselves targets in line with the latest science have a likely chance of attracting investors, engaging stakeholders, and improving their brand reputation. By doing so, they also play a significant role in contributing to the fight against climate change. Consider becoming SBTI verified today by setting targets which can drive the movement towards a greener, healthier planet.