SBTi Updates: Enabling Net-Zero Transformation

What was of interest at the SBTi update?

Nowadays, companies not only need to seek innovations, technologies deployment and value chain collaborations as it has never been attempted in history before, they would also need to certify every step of the journey to ensure legitimacy. The proliferation of independent, science-based body’s is in the rise. And this SBTi update proofs it, in 2022 they have certified more companies and institutions than in the last 6 years combined, and they have focused on growing in impact, size and institutional strength. They also experienced the power of supply chains and scope 3 ambitions picking up last year.

My highlights:

Starting with reinforcement of the message: 1.5C aligned companies are cutting scope 1+2 by 12%, but every company and financial institutions needs to take action. The role and responsibility of companies have to be sustainable and in line with science.

From their governance strengthening update we learn that their impact team is focusing on enabling companies in the high emitting sectors to set science based targets. Moreover, when it comes to the different sectors, they offer guidance for setting targets, between other sectors, we learn that the guidance for the chemical sector is under development, with several developments happening in 2023.

Engagement with NGOs and academia continue, even with trade associations to amply message in the ecosystem.