This week, the Science Based Targets Initiative Widely expected 'major' revisions Comply with corporate net-zero standards scheduled to take effect in 2025.
Based on its governance structure, SBTI is required to review its standards every two to five years.Net-zero revisions come amid widespread debate and backlash over SBTi’s mission over controversial plans to make companies count certain „environmental attribute certificates“ including carbon credits towards emissions reduction targets.
Four major revision goals
The revisions have been eagerly anticipated by corporate sustainability professionals, who are frustrated by the time it takes to validate proposed targets and the challenges of setting scope 3 commitments that are difficult for companies to address directly. Based on feedback from stakeholders such as
According to SBTi updates will address these areas. Project timeline published on May 9th:
- The latest climate science and best practices, especially Intergovernmental Panel on Climate Change Sixth Assessment Report and recommendations on corporate goal setting have been published. United Nations High Level Expert Group.
- New guidance on scope 3 targets.
- Tools for assessing and reporting progress, including how companies can increase their goals over time and discuss progress using carbon credits and other certificates.
- Clarity on how other standards will be incorporated into the corporate net-zero standard, including standards from both SBTi and other relevant organizations. „SBTI recognizes the value of striving to harmonize with other actors within this ecosystem,“ the group said.
„Any changes to the standard are made after a rigorous process of research, consultation, pilot testing, approval by the Technical Council and adoption by the SBTi Board,“ SBTi said. Another May 9th blog giving a timeline..
Feedback is welcome, but please defer complaints
Another factor influencing the timing of revisions is that many companies that have science-based and validated targets (though not necessarily net-zero targets) are likely to have “at the end of their first target cycle in 2025.” It’s getting closer,” SBTi said.
SBTi will share a number of interim deliverables according to the schedule set out below.
![SBTI Net Zero Revision Timeline](https://www.greenbiz.com/sites/default/files/2024-05/Screenshot%202024-05-10%20at%2010.46.58%E2%80%AFAM.png)
![SBTI Net Zero Revision Timeline](https://www.greenbiz.com/sites/default/files/2024-05/Screenshot%202024-05-10%20at%2010.46.58%E2%80%AFAM.png)
Of particular interest to companies:
- (Q2 2024) Report on SBTi's investigation into the 'effectiveness' of various environmental attribute certificates such as emissions reduction, electricity and goods. The group said it would not provide an analysis of the evidence at this time.
- (July) Discussion paper outlining principles for setting Scope 3 net zero targets
- (July) SBTi's assessment of the carbon offset and other environmental attribute certificate debate and independent third-party review on the subject.
As of April 2nd, More than 800 companies have verified science-based emissions reduction targets Based on current corporate net zero standards. At that time, he also expected 3,000 people to submit plans for verification.Some big-name companies, including Amazon and Intel, have opted out of the current corporate net-zero standard, with more than 200 companies opting out in March. Status changed to 'Commitment removed' Because I couldn't submit my goals within the deadline.
SBTi will seek feedback on suggestions and ideas in preparation for producing an exposure draft of the revised standard by the end of the year. (here is the form for that.) Once the full draft is published, the SBTi will conduct a public consultation for a minimum of 60 days.