Launched in 2015, the Science-Based Targets initiative (SBTi) was one of the first frameworks for corporate emission reduction target setting in line with climate science, an impactful tool to drive net zero ambitions. The SBTi was formed by the Carbon Disclosure Project, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF).
The Science Based Targets initiative (SBTi):
“Defines and promotes best practice in emissions reductions and net-zero targets in line with climate science.
Provides technical assistance and expert resources to companies who set science-based targets in line with the latest climate science.
Brings together a team of experts to provide companies with independent assessment and validation of targets.
The SBTi is the lead partner of the Business Ambition for 1.5°C campaign – an urgent call to action from a global coalition of UN agencies, business and industry leaders, mobilizing companies to set net-zero science-based targets in line with a 1.5°C future.”
A commitment to the SBTi can bear many opportunities for companies, such as bottom line savings, regulatory resilience, investor confidence, competitive advantage, innovation and more. Nearly 3,500 companies from across all sectors have signed up for the SBTi worldwide, over 80 big companies in Switzerland. As the initiative’s influence has grown, so have questions about the accuracy of its ratings and the ongoing reporting, other questions include…
What are the goals of the SBTi, how was it founded?
What tracking is in place to ensure committed goals are reached?
What happens after a company’s climate action plan is approved by the SBTi?
Are there control or reviewprocesses in place? How is data on their progress collected?
Can middle-sized or small companies comply?
What should a company consider when signing up to the SBTi?
