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Science-based net-zero target
A science-based net-zero target is a commitment that a company makes to reduce its greenhouse gas (GHG) emissions to zero by a certain date, in line with the latest climate science. Setting a science-based net-zero target is one of the most important things a company can do to help mitigate climate change.
Why are science-based net-zero targets important?
The world is facing a climate crisis. The Intergovernmental Panel on Climate Change (IPCC) has warned that we need to limit global warming to 1.5 degrees Celsius above pre-industrial levels to avoid the worst impacts of climate change. This means that we need to reduce our GHG emissions by half by 2030 and reach net-zero emissions by 2050.
Science-based net-zero targets are important because they provide a clear and ambitious pathway for companies to reduce their GHG emissions. By setting a science-based net-zero target, companies are committing to doing their part to address the climate crisis.
Also Read: ESG Reporting Frameworks and Standards: Which One is Right for Your Business?
How to develop a science-based net-zero target
The Science Based Targets initiative (SBTi) is a global body that provides companies with a framework for setting science-based targets. The SBTi’s framework is based on the latest climate science and is aligned with the goals of the Paris Agreement.
To develop a science-based net-zero target, companies must follow the SBTi’s five-step process:
1. Commit to setting a science-based target: This involves signing a letter of commitment to the SBTi and agreeing to follow its framework.
2. Develop your target: This involves working with the SBTi to develop a target that is aligned with the latest climate science and is specific, measurable, achievable, relevant, and time-bound (SMART).
3. Submit your target for validation: Once you have developed your target, you must submit it to the SBTi for validation. The SBTi will assess your target to ensure that it is aligned with its framework.
4. Communicate your target: Once your target has been validated, you must communicate it to your stakeholders. This will help to build support for your target and to demonstrate your commitment to climate action.
5. Disclose your progress: On an annual basis, you must disclose your progress towards your target to the SBTi. This will help to track your progress and to identify areas where you need to improve.
Benefits of setting a science-based net-zero target
There are a number of benefits to setting a science-based net-zero target, including:
1. Reduced GHG emissions: Setting a science-based net-zero target will help you to reduce your GHG emissions and to mitigate climate change.
2. Improved brand reputation: Setting a science-based net-zero target is a way to demonstrate your commitment to sustainability and to improve your brand reputation.
3. Attracted and retained customers and employees: Customers and employees are increasingly looking to support companies that are committed to sustainability. Setting a science-based net-zero target can help you to attract and retain customers and employees.
4. Reduced costs: Reducing your GHG emissions can also help to reduce your costs. For example, you can save money on energy costs by making your operations more energy-efficient.
Conclusion
Setting a science-based net-zero target is one of the most important things a company can do to help mitigate climate change. The SBTi provides companies with a framework for setting science-based targets, and there are a number of benefits to doing so. If you are interested in setting a science-based net-zero target, I encourage you to visit the SBTi website to learn more. Book a demo now!
Recommended Read
- ESG and Responsible Investment: ESG Investing Strategies, ESG Ratings and Indices, Impact Investing, and Sustainable Finance
- ESG and Social Responsibility: Human Rights, Labor Standards, Diversity and Inclusion, and Community Engagement
- How to ensure that your ESG reporting is compliant with all relevant regulations
- How to Get Started with ESG: A Comprehensive Guide for Enterprises
- The Strategic Advantage of ESG Commitment: A Triple Win for Business, Investors, and Society
- What is ESG and Why it is Important
- The Evolution of ESG Frameworks and what to expect in the future
Pranav R is a Content Marketer with expertise and experience in creating & curating content for audiences of all ages.
Graduating with an MBA from IITM in 2021, he explored his PM inclinations for a year, before joining Zycus.
He’s been writing about procurement & paraphernalia for 1.5+ years and is passionate about bringing new perspectives, pointers & puns to what he writes. Outside work, he’s an Arsenal fan, and is a quiz & word games enthusiast.
