Science-Based Targets Initiative helps companies and financial institutions design verifiable and achievable climate targets based on emission reduction pathways produced by climate scientists.
SBTI is transitioning from focusing on technical assistance and assessments to a standard-setting organization, with a focus on assessing progress and performance in addition to setting ambitious targets.
Deep dives
Understanding Science-Based Targets
Science-Based Targets (SBTs) ensure the ambition and integrity of climate targets set by companies and organizations. SBTs use emission reduction pathways produced by climate scientists to inform the level of reduction consistent with global climate goals. These targets consider different sector scenarios and the pace of transformation required across various systems. SBTI sets clear standards, including robust baselines and timeframes, to ensure absolute emissions reductions, inclusion of relevant sources (both direct and indirect), and alignment with the 1.5 degrees Celsius target of the Paris Agreement. This approach fosters environmental health and incentivizes transformation at an organizational and supply chain level.
Process for Setting Science-Based Targets
Companies interested in setting science-based targets submit their data and proposed targets for validation by SBTI. The organization reviews the targets based on their requirements and provides feedback to ensure conformance with the standards. Consulting partners may assist companies in modeling and implementing their targets. Once validated, the targets are considered accredited science-based targets. SBTI is transforming from an initiative to a standard-setting organization, with a focus on assessing progress and performance in addition to setting ambitious targets.
The Role of Offsets and Future Expansion
Science-based targets emphasize absolute emissions reductions rather than intensity targets. While some companies may consider the use of offsets, SBTI encourages organizations to focus on reducing emissions within their own value chain. Offsets should not substitute for direct emissions reduction efforts. SBTI is actively evolving its model and governance to become a recognized standard-setting organization. This transition will strengthen the model and explore partnerships with other entities to ensure best practices and promote a consistent framework.
Today’s episode features Alberto Carrillo Pineda, Co-Founder and Chief Technical Officer of the Science Based Targets Initiative explains how they help companies and financial institutions design verifiable and achievable climate targets, and how they assess and validate those targets. He also discusses how the SBTi is transitioning from focusing on technical assistance and assessments to a standard-setting organization.