Source:Science Based Targets
The Science Based Targets initiative’s (SBTi) Net-Zero Standard is the world’s leading framework for setting corporate net-zero targets in line with climate science. It sets out clear abatement (i.e. value chain emission reduction) requirements, clarifying that most companies are expected to align their near-term emissions reductions with 1.5°C and make reductions of at least 90% through long-term science-based targets to reach net-zero before 2050.
The Standard also strongly recommends that companies take immediate action above and beyond their science-based targets to contribute to reaching global net-zero through beyond value chain mitigation (BVCM). BVCM refers to mitigation action or investments outside of a company’s value chain. This includes activities that avoid or reduce greenhouse gas emissions, and those that remove and store greenhouse gasses from the atmosphere. For more information, read our BVCM FAQ.
To support companies’ BVCM activities, we were pleased to announce in the first installment of our BVCM blog series that the SBTi will publish a BVCM guidance paper in 2023. However, due to the urgency of the issues at hand, this blog outlines no-regrets actions that companies can take now, with a focus on important natural ecosystems such as tropical forests and peatlands and the need to scale up nascent carbon removal technologies.More info