Commercial, GHG Emissions  -  October 29, 2021

Seven Companies Join SBTi’s New Corporate Standard Scheme

The Science Based Targets initiative launched Oct. 28 its first net-zero corporate emissions standard and announced that seven companies have already had their targets verified through it.

The new standard assesses corporate climate goals based on halving emissions by 2030 and pursuing long-term cuts of 90-95% of emissions across all scopes by 2050 in order to align with the Paris Agreement’s goal of 1.5°C warming. Under the standard, emissions that cannot be further reduced should be neutralized through carbon removals, such as direct air capture or nature-based solutions like reforestation..

AstraZeneca, CVS Health, Dentsu International, Holcim, JLL, Ørsted and Wipro have already had their net-zero targets certified under the pilot scheme. The SBTi will begin validating targets submitted by other companies starting in January 2022.

“Companies are currently self-defining net-zero targets without credible and independent assessment of their ambition and integrity,” Alberto Carrillo Pineda, co-founder and managing director of the SBTi, said in a statement. “For the first time, the SBTi Net-Zero Standard offers companies robust certification to demonstrate to consumers, investors and regulators that their net-zero targets are reducing emissions at the pace and scale required to keep global warming to 1.5°C. We’re now inviting all companies with net-zero targets and ambitions to show stakeholders that their decarbonization pathway is aligned with science. And the rest of the business sector - we call on you to join the Race to Zero.”

The Net-Zero Standard was developed in consultation with the Expert Advisory Group, which will continue to refine and develop the standard in early 2022, particularly looking at best practices for value chain mitigation and Scope 3 reduction.