A recent update in October introduced a new SBTi services website and a major revision to the Net-Zero Standard is expected late next year. More companies than ever are committing to science-based targets (SBTs) with many early adopters approaching their five-year mark for their SBT review and revalidation. How do you stay up-to-date with these upcoming changes? This blog outlines how to stay ahead of these updates and why partnering with experts can offer a strategic advantage for your business.
The SBTi is constantly evolving to reflect the latest climate science and best practices. Upcoming updates will likely introduce new requirements and criteria for setting and validating SBTs. These changes may impact both near-term and long-term targets, making it essential for companies to stay informed.
The urgency to update the SBTi guidelines stems from the increasing severity of climate change and the need for more ambitious climate action as well as standardised processes for organisations who want to take action. As scientific understanding advances and global emissions targets tighten, SBTi aims to ensure that corporate climate targets are aligned with the latest climate science.
If you're new to setting SBTs, developing a solid foundation for measurement is key. Understanding the basics of GHG inventory calculation and the SBTi Target Criteria Assessment Indicators used to evaluate a GHG inventory is crucial. These indicators measure a company's progress towards its climate goals and help ensure alignment with the GHG Protocol and the Paris Agreement.
If you've committed to setting SBTs, you must submit your targets to SBTi within 24 months. This process involves assessing all applicable target options to align as an organisation on which targets to submit, followed by SBTi's rigorous assessment to verify that your targets are ambitious and aligned with climate science. Failing to submit your targets will result in a commitment removed status on SBTi's website. More than 500 companies on SBTi's website, fall under this removed status which can undermine your credibility and hinder your progress towards a low-carbon future.
Even if you already have validated SBTs, it's important to stay on top of the latest SBTi guidelines. Annual GHG emissions tracking, rebaselining, updating targets, and revalidation are crucial steps to ensure your targets remain ambitious and aligned with the latest climate science. SBTi requires target revalidation every 5 years, but in some cases, you may need to resubmit your targets sooner.
For instance, some sectors like those with significant forest, land use, and agriculture (FLAG) emissions also need to set sector-specific targets so it's important to understand what is required based on your sector.
Developing and updating targets with SBTi can be a challenging process to navigate. Confusion surrounding the what, when, and how to submit can undercut meaningful targets and climate action. Partnering with a climate expert like South Pole can significantly streamline the SBTi process and ensure compliance with the latest guidelines. Our experts can help you:
Staying updated with the latest SBTi guidelines is essential for businesses committed to climate action. By understanding the upcoming changes and partnering with experts like South Pole, you can ensure that your science-based targets remain ambitious, credible, and aligned with the latest climate science.
Contact us today for help to navigate this challenging process and ensure compliance with the latest guidelines.
