Updates to Science Based Targets: SBTi v4.0 release
Stewart McKenzie, Senior Advisor, Enviro-Mark Solutions
In April 2019, the Science Based Targets initiative (SBTi) released new resources to align with the Intergovernmental Panel on Climate Change's Special Report on Global Warming of 1.5°C, which calls to limit warming to 1.5°C as opposed to the previous 2°C of warming, due to the severe risks and impacts associated with 2°C of warming.
“The IPCC Special Report was a wake-up call for the global economy. There is an urgent need to step up ambition in order to meet the goals of the Paris Agreement and avoid devastating global warming,” says Alexander Farsan, Global Lead for science-based targets at WWF.
“Companies have a vital role to play in realizing this goal. The latest science from the IPCC has shown the way forward. We urge companies to raise the bar and set the pace of change that we know is needed.”
Here’s a list of resources included in the latest v4.0 release:
- SBTi Criteria and Recommendations Version 4.0 – consists of the actual criteria a company must meet to get their target validated
- Paper on science-based target setting foundations – provides the rationale for the target ambition levels in the criteria document
- Science-based target setting tool - for companies to model targets against 1.5°C and well-below 2°C using the Absolute Contraction Method, and against well-below 2°C using the Sectoral Decarbonization Approach (SDA). It also allows modelling of scope 3 targets aligned with SBTi criteria.
- Target Validation Protocol – useful reference for understanding how target submissions are assessed.
- Science-Based Target Setting Manual – step-by-step guide for setting targets.
Enviro-Mark Solutions is the first CDP-accredited science-based targets partner in Australia and New Zealand. We can provide custom support to help your organisation set and achieve science-based emissions reduction targets. For more information, contact us here.