SBTi Insider: November 2024
Science Based Targets initiative
Enabling organizations to take swift climate action by setting ambitious emissions reduction targets.
The Science Based Targets initiative (SBTi) has released an updated draft of the Chemicals Sector Target-Setting Criteria , opening a second round of public consultation to gather expert feedback . Chemicals are used in 95% of the products that we use day to day - from pharmaceuticals to plastics, electronics to clothing. As a result, the chemicals industry contributes a significant 5% of global CO2 emissions, making it the third highest industrial emitter worldwide . Decarbonizing the sector is key to achieving net-zero, protecting our health, environment and economy.?
This revised criteria draft introduces key updates, including materiality thresholds, target-setting for primary chemicals’ scope 1, 2, and 3 emissions, a mass balance approach for alternative materials, and the removal of long-term target-setting method for alternative feedstocks. More details on these updates can be found in the Main Changes Document .?
The SBTi encourages stakeholders from across the chemicals industry, finance, academia, and civil society to provide their insights. This collaborative feedback process is key in developing robust and practical resources that support businesses? in setting science-based emissions reduction targets in line with what is needed to keep global heating below catastrophic levels.?
Consultation is open until January 10, 2025
Events and Opportunities
The SBTi is hosting a webinar on November 20, providing an overview of plans to revise its flagship Corporate Net-Zero Standard (CNZS).
This is a valuable opportunity to hear directly from our technical team, ask questions and gain a deeper understanding of the revisions, including our development timeline and how you can get involved.
Webinar sessions:?
Don’t miss this chance to stay informed about important developments in our CNZS.
The SBTi is looking for a consultant to help support the development of its new Theory of Change (ToC) - a roadmap outlining how the organization’s actions will lead to long-term global climate outcomes.?
The consultant’s role will be to help develop a clear, evidence-based ToC that aligns with SBTi’s strategic goals.??
Applications are due by November 29, 2024.
Updates and News
Some terms used in the climate world can be confusing, interchangeable and even misleading. To help clarify these, we have put together a ‘jargon buster’ that explains the most common terms used in net-zero discussions and in relation to our Corporate Net-Zero Standard .
In our recent blog, Chief Impact Officer Tracy Wyman outlines the objectives of the Corporate Net-Zero Standard (CNZS) revision: 1) aligning with the latest science and best practice, 2) enabling continuous improvement and assessment of target achievement, 3) improving value chain target setting, and 4) enhancing structure and interoperability.
To meet increasing demand from businesses seeking to set science-based targets, the SBTi has launched a new SBTi Services website , which contains information and resources for businesses setting commitments and submitting targets for validation, including a new registration Validation Portal.
This is one of the many steps the SBTi is taking to transform the way it operates to support businesses across the world looking to drive much-needed climate action through decarbonization.
Discover SBTi Services and explore our selection of tutorials for more information on the Validation Portal’s key features, navigation and benefits.
The SBTi team will be at GreenBiz 25 as a Community Partner on February 10-12, 2025, in Phoenix, AZ. Hosted by Trellis Group , this event will bring together corporate leaders and sustainability experts to discuss effective approaches to ESG and climate action.
Join us to connect with industry peers and explore the strategies shaping sustainable business today.
Noteworthy News
Time | November 25
“In addition to her work with The B Team, Baiget sits on the board of trustees for the Science Based Targets Initiative and co-chairs the World Economic Forum’s Alliance of CEO Climate Leaders.”
ESG News | October 25
“The Science Based Targets initiative (SBTi) has launched a new website, www.sbtiservices.com , aimed at providing businesses and financial institutions with the resources and tools they need to set and validate their science-based targets.”
edie | October 17
“The UK’s largest electricity distribution network operator has had its new emissions targets, including a long-term goal to reach net-zero by 2040, validated by the Science-Based Targets Initiative."
Join the SBTi
As the SBTi grows, we are looking for qualified and passionate applicants to join our team .
Target Validation
Research and Technical Development
Operations
Share with a Colleague
Know someone who would benefit from our latest updates? Share this newsletter with them.
Subscribe to our mailing list to receive our newsletters and regular updates directly to your inbox from SBTi.