What are Science Based Targets?
Based on our recent experience it’s clear that setting and achieving Science Based Targets (SBTs) is critical in helping companies contribute to the SDGs and drive business value. Specifically, targets adopted by companies to reduce greenhouse gas (GHG) emissions are considered “science-based” if they are in line with the level of decarbonisation required to keep global temperature increase below 2oC compared to pre- industrial temperatures, as described in the Fifth Assessment Report of the Intergovernmental Panel on Climate Change (IPCC AR5).
The concept of SBTs can be applied to other SDG indicators and by setting and achieving SBTs you can show that you are contributing your part to the SDGs and drive business value for your company. Our services help our clients set an appropriate target and develop a suitable strategy to help you realise the full benefits.
1. Drive Innovation
A SBT can spur ambition and generate the innovations needed to transition to a low-carbon, sustainable economy. These new business models and sources of value can redefine companies’ bottom lines.
2. Stay Ahead
Setting an ambitious target will allow companies to be well equipped for future policy and regulations. Ambitious targets also encourage companies to be lean, efficient and durable – thus save costs.
3. Build Credibility
With ambitious targets, companies can demonstrate a leading role in curbing climate change and boost their reputation among investors, policy makers, clients and other stakeholders.
4. Contribute to the SDGs
By setting and achieving SBTs, companies can demonstrate they are contributing their part to the SDGs.
How can we help?
Combining leading technical and operational expertise, risk methodology and in-depth industry knowledge, we can help you:
- Assess your readiness for setting Science-based Targets, and expected benefits, supporting your business case
- Select the most suitable approved calculation methodology for your business
- Understand the carbon reduction ambitions of the countries in which you do business and how these may change as the result of new legislation
- Develop targets for your entire value chain based on your business model and environmental data
- Navigate the Science-based Targets initiative review processes
- Communicate to and engage internal and external stakeholders
- Identify solutions that will help your business achieve the targets, including risk mitigation and technical support
- Report on progress and conduct annual review