Month-long consultation will inform science-based development of SBTi net-zero target-setting criteria.
The Science-based Targets Initiative’s (SBTi) draft ‘Net-Zero Criteria’ has been launched for public consultation, in order to better clarify what companies’ net-zero emissions pledges should involve. Existing targets “vary widely in boundaries, definitions, timeframes and mitigation strategies used”, the organisation observed.
Respondents have until February 26 to submit their feedback, which will be analysed by the SBTi’s Expert Advisory Group. The Net-Zero Standard is expected to be finalised by the end of 2021.
The process will aim to enable corporates to better set “robust and credible” net-zero targets that are in line with a keeping climate change limited to 1.5°C above pre-industrial levels. SBTi noted that the Net-Zero Standard “will include a set of criteria for net-zero targets, allowing companies to have their net-zero targets validated by the SBTi, as well as user friendly guidance for net zero target-setting”.
The launch of the report follows the prior publication of SBTi’s ‘Foundations for Net-Zero Target-setting in the Corporate Sector’ last year.
Previously, a global group of asset managers – including BMO Global Asset Management, Fidelity International and Nordea Asset Management – launched the Net Zero Asset Managers Initiative, pledging to achieve net zero emissions by 2050 or sooner. The United-Nations-convened Net-Zero Asset Owner Alliance – including Allianz, Aviva and AXA – has further committed to a 2050 target. Both groups aim to align emissions targets to the goals of the Paris Agreement, by following science-led data.