The Science Based Targets initiative (SBTi) is a partnership between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). It drives ambitious climate action in the private sector by enabling companies to set science-based emissions reduction targets which show companies how much and how quickly they need to reduce their GHG emissions to prevent the worst effects of climate change.
Nearly one thousand companies worldwide are leading the transition to a net-zero economy by setting emissions reduction targets grounded in climate science through the SBTi. Through the 2015 Paris Agreement (see our webpage on TCFD for more details about it), world governments committed to limiting global temperature rise to well-below 2°C above pre-industrial levels and pursuing efforts to limit warming to 1.5°C. In 2018, the Intergovernmental Panel on Climate Change (IPCC) warned that global warming must not exceed 1.5°C above pre-industrial temperatures to avoid the catastrophic impacts of climate change. To achieve this, GHG emissions must halve by 2030 – and drop to net zero by 2050.
Business has a vital role to play in driving down greenhouse gas emissions and building the resilient, zero-emissions economy we urgently need. This action must be grounded in science and the SBTi believes that a race to the top is needed, led by pioneering companies. This will empower peers, suppliers and customers to follow suit and drive governments to take bolder action.
Science-based targets show companies how much and how quickly businesses need to reduce their GHG emissions to prevent the worst impacts of climate change – leading them on a clear path towards decarbonization. By guiding companies in science-based target setting, the SBTi enable them to tackle global warming while seizing the benefits and boosting their competitiveness in the transition to a net-zero economy. Action is needed in key sectors, many of which require tailored approaches to setting targets. The SBTi provides clarity and guidance on these journeys, from the oil and gas to finance sectors.
The SBTi is also working to define a science-based standard for net-zero target setting, to ensure that companies’ net-zero targets translate into action that is consistent with achieving a net-zero world by no later than 2050.