SBTi scientific carbon targets to promote carbon neutrality across the entire value chain and enhance confidence in climate action
The Science Based Targets initiative (SBTi) is a global initiative jointly launched by the Carbon Disclosure Project (CDP), the World Resources Institute (WRI), the World Wildlife Fund (WWF) and the United Nations Global Compact Project (UNGC). Companies need to set greenhouse gas emission reduction targets based on the 1.5 ° C reduction path proposed
The Science Based Targets initiative (SBTi) is a global initiative jointly launched by the Carbon Disclosure Project (CDP), the World Resources Institute (WRI), the World Wildlife Fund (WWF) and the United Nations Global Compact Project (UNGC). Companies need to set greenhouse gas emission reduction targets based on the 1.5 ° C reduction path proposed in the Paris Agreement, so that the target can become a scientific carbon target (SBT). Since its inception in 2015, the SBTi has rapidly gained global recognition and is becoming an international business practice.
In response to the Paris Agreement, more and more companies, such as Apple and BASF, have joined the Scientific Carbon Target Initiative (SBTi) and urged their suppliers to set up a standard Scientific carbon target (SBT) to promote the green and low-carbon transformation of enterprises. As of November 2020, 1,061 companies have publicly joined the Scientific Carbon Target Initiative. Of these, 517 companies have had their targets formally approved, and 325 have set science-based emission reduction targets consistent with decarbonisation levels well below 1.5 ° C in the Intergovernmental Panel on Climate Change's Fifth Assessment Report.
According to SBTi official information, as of the end of February 2023, approximately 4,677 institutions worldwide have signed up to the Science-based Carbon Target Initiative, committing to setting science-based carbon targets. Among them, 291 Chinese institutions have signed the commitment, and 104 institutions have been approved of carbon targets, such as Jingdong Logistics, Lenovo and so on.
While governments and businesses have begun to take action to combat global climate change, current emissions reductions are still far from enough to meet climate goals. The SBTi represents a more science-based way for companies to manage carbon emissions over the long term, objectively assessing what needs to be achieved to achieve global greenhouse gas emissions reductions. In the process of global transition to a low-carbon economy, the competitiveness of enterprises can be improved to a greater extent.
According to the latest research results of SBTi, the establishment of scientific carbon targets can not only prevent the adverse effects of climate change, but also effectively improve the competitive advantage of enterprises in the process of transition to a low-carbon economy. The establishment of scientific carbon targets can help enhance brand reputation, improve investor confidence, meet regulatory requirements, and also help drive internal innovation. Help enterprises save costs and enhance the competitiveness of enterprises.
China State Consulting on SBTi Scientific carbon target setting interpretation
Scientific carbon targets generally include the duration of the target, and whether the emissions generated in scope 1, 2, and 3 are covered, which can be divided into near-term targets, long-term targets, and net-zero targets.
Near-term target:
Emissions in scope 1 and 2 are to be reduced to compliance with 1.5° within 5-10 years from the date of submission; C's path objective to reduce emissions from scope 3 to compliance with 2° C path target.
The target covers at least 95% of Scope 1 and Scope 2 emissions, and 67% of Scope 3 emissions (when Scope 3 emissions account for more than 40% of total Scope 1, 2 and 3 emissions).
Long-term goal:
Reduce emissions to 1.5° by 2050 or earlier; C Path target.
The target covers at least 95% of Scope 1 and Scope 2 emissions and 90% of Scope 3 emissions.
Net Zero target:
is a long-term target of 1.5° by 2050 or earlier, at a global or industry level; C Net zero emissions on the path.
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