SBTi Updates Decarbonization Plans for Oil, Gas, Chemicals, and Power Sectors.
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The Science Based Targets initiative (SBTi) has released updated plans for its sectoral standards targeting the oil and gas, chemicals, and power industries—three of the largest global emitters. These advancements aim to establish science-driven net-zero pathways, providing businesses in these high-emitting sectors with rigorous criteria to effectively minimize their environmental footprint.
Oil and Gas: A Landmark Decarbonization Standard
Responsible for 85% of global CO? emissions, the oil and gas industry is at the forefront of the climate challenge. SBTi’s first-ever decarbonization standard will provide a roadmap for companies to transform their business models, secure sustainable financing, and drive a smooth energy transition.
Key milestones include a draft for public consultation in early 2025, followed by a 45-day feedback period to ensure comprehensive stakeholder input.
Chemicals: Leading the Charge in Decarbonization
Supporting 95% of manufactured products and ranking as the third-largest industrial emitter, the chemicals sector underpins critical industries such as agriculture, construction, and healthcare. SBTi’s Chemicals Sector Criteria is currently open for pilot testing and public consultation until January 10, 2025, with the final criteria set for release in Q3 2025. This initiative aims to enable the sector’s decarbonization while preserving its essential role in the global economy.
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Power: Targeting the Largest CO? Contributor
As the largest global emitter of CO?, the power sector is pivotal in meeting climate targets amidst growing electricity demand. SBTi’s Power Sector Standard, informed by expert advisory groups, will debut a draft for consultation in Q2 2025, offering actionable pathways for decarbonization.
Future Implications and Pathways
Beyond these sectors, SBTi is advancing standards for the automotive and apparel industries while updating its Corporate Net-Zero Standard to ensure alignment across resources. These tools will streamline the target-setting process, empowering businesses to act decisively on climate goals.
While timelines remain tentative due to the complexity of global consensus-building, these updates signify a major leap forward in driving global decarbonization and fostering a sustainable future.