SBTi Announces Timeline for Major Revision to Corporate Net-Zero Standard

The Science Based Targets Initiative (SBTi) recently announced a major revision to its Corporate Net-Zero Standard, set to take effect in 2025. This revision is eagerly anticipated by corporate sustainability professionals and is based on feedback from stakeholders, including corporations frustrated with slow validation times for proposed targets and the challenge of setting Scope 3 commitments.

The main objectives of the revision include alignment with the latest climate science and best practices, new guidance for Scope 3 targets, tools for assessing and reporting progress, and clarity on how other standards feed into the Corporate Net-Zero Standard. SBTi aims to harmonize with other organizations in the sustainability ecosystem and ensure that any changes to the standard are made after a rigorous process of research, consultation, and approval.

One key aspect of the revision is the inclusion of new guidance for Scope 3 targets, which are often difficult for companies to address directly. SBTi will also provide tools for companies to raise their ambition over time and utilize carbon credits and other certificates to track progress.

SBTi will share interim deliverables leading up to the revision, including a report on the effectiveness of different environmental attribute certificates, a discussion paper outlining principles for Scope 3 net-zero target setting, and an assessment of the debate over carbon offsets and other certificates.

As of April 2, over 800 companies had validated science-based emissions reduction targets under the current Corporate Net Zero Standard, with another 3,000 planning to submit plans for validation. SBTi will solicit feedback on its proposals and ideas as it works towards creating a public draft of the standard revision by the end of the year. Public consultations will follow the publication of the full draft for a minimum of 60 days.

Overall, the upcoming revision to the Corporate Net-Zero Standard by SBTi is a significant development in the realm of corporate sustainability and will provide companies with updated guidance and tools to enhance their emissions reduction efforts. Stay tuned for further updates on this important initiative.