To guarantee that net-zero targets in the business sphere translate into workable actions, the Science Based Targets Initiative (SBTI) initiated a procedure to cultivate the inaugural scientific universal standard for firms to attain this goal by 2050.
The procedure is distinguished with the release of SBTI’s new paper, Foundations for Science-Based Net-Zero Target Setting in the Corporate Sector, printed in the wake of extensive consultation with stakeholders in science, corporate, conservation and financial spheres.
It defines the conceptual core for a scientific corporate net-zero target establishment, including:
- Clarification on what it means for firms to attain net-zero emissions
- Analysis of standing net-zero target establishment practices
- Review of strategies compliant with attaining a net-zero economy
- The first recommendations for scientific net-zero goals
The paper indicates that, for a company net-zero target to be grounded in science, dual conditions must be attained:
- It must produce a depth of decarbonisation compliant with the reduction in emissions required in the world economy to restrict warming to 1.5°C
- It must neutralise the effect of the cores of residual emissions that can’t be rid of by depleting an equal quantity of atmospheric carbon dioxide.
SBTI will transform these concepts into guidelines and criteria to be established as part of a continual multi-stakeholder procedure. The goal, as always, is emissions reduction across the world, toward the achievement of a zero-carbon economy.
At this point, SBTI confirms companies’ greenhouse gas emissions reductions targets if they are in keeping with a warming level that is well below 2°C, or 1.5°C above pre-industrial temperatures.
More than 990 firms have promised to implement scientific targets and more than 460 have targets established by way of the initiative.
This list features Australian property companies Investa, Dexus and Frasers Property Australia; banks Westpac and Bank Australia; and organisations such as Telstra, Woolworths and Australia Post, and others.
To this day, more than 270 companies have set goals toward the attainment of net-zero emissions by 2050 through the Business Ambition for 1.5°C campaign, led by SBTI in conjunction with the UN Global Compact and the We Mean Business coalition.
The end goal, says organisers, is to future proof the climate through decarbonisation and the attainment of net-zero targets.
Source: The Fifth Estate