SCIENCE-BASED TARGETS AND WHY YOU NEED TO SET THEM
Having a good understanding of science based targets, what it is and why it is fundamental to carbon reduction could be beneficial in setting realistic, achievable targets when devising your net-zero strategy. There are many benefits to setting science-based targets. By significantly reducing emissions, you are not only building a brighter future for the planet but also a potentially profitable one for your business
In order for the UK to reach its planned net-zero target of 2050, businesses need to adopt a net-zero strategy that is backed up by scientific based targets that provide a clear and comprehensive plan for companies to reduce or eliminate their greenhouse gas emissions. This is crucial in preventing the worst impacts of climate change, offering businesses a clear advantage in a carbon-conscious future.
So, what are science-based targets and how can they impact businesses?
What is a science-based target?
Science-based targets came about as a result of the Paris Agreement in 2015. In this a legally binding treaty that 195 parties committed to limiting global warming to below 2°C compared to pre-industrial levels. In 2018, the Intergovernmental Panel on Climate Change said that global warming should not exceed 1.5°C.
To achieve this, GHG emissions must halve by 2030 at the latest, and drop to net-zero by 2050. A ‘science-based’ emissions target stays in line with the scale of reductions required to meet these objectives. These progressively set targets are needed to track progress, providing the private sector with a clear idea of how quickly they need to reduce their GHG emissions, to prevent any further damage to the state of climate change.
In the global race towards net-zero, science-based targets will become crucial for business growth across all sectors. Not only do they help tackle climate change, but they boost a company’s attractiveness when applying for government tenders and funding.
Science-based initiatives
The Science Based Targets initiative (SBTi) was set up by the Carbon Disclosure Project (CDP), World Resources Institute (WRI), the World Wide Fund for Nature (WWF), and the United Nations Global Compact (UNGC). The group supports companies that have set science-based targets. It has been found that the positive effects for these businesses include increased innovation, strengthened investor confidence and improved profitability.
The SBTi also defines and promotes best practice in science-based target setting, via the support of a Technical Advisory Group. It can offer resources, workshops and guidance to reduce barriers to adoption, as well as independently assesses and approves companies’ targets.