The Science Based Targets Initiative (SBTi) published four technical outputs as an early step in revising the SBTi Corporate Net-Zero Standard.
Earlier in May 2024, the SBTi announced timeline and published the Terms of Reference for the review of the Corporate Net-Zero Standard, ensuring that the Standard continues to align with the latest scientific thinking and best practice, and addresses challenges related to scope 3 target setting.
Scope 3 emissions account for 75% of the average company’s carbon footprint, posing the most significant challenge and the greatest opportunity for corporate decarbonization.
As a voluntary standard-setter, the SBTi said, it is leveraging the experiences of thousands of businesses that have had their targets validated by the organization.
They aim to explore new options to develop a more effective approach to addressing Scope 3 emissions and enhance the impact of their Corporate Net-Zero Standard.
The four technical outputs are:
- Scope 3 discussion paper: A discussion paper setting out the SBTi’s initial thinking on potential changes being explored around scope 3 target setting, including underlying principles and concepts.
- Evidence received on the effectiveness of Environmental Attribute Certificates: The release of all evidence submitted as part of the open call for evidence, which ran from September to November 2023, on the effectiveness of Environmental Attribute Certificates (without SBTi assessment).
- Synthesis report of evidence on the effectiveness of Environmental Attribute Certificates in corporate climate targets – Part 1: Carbon credits: A report presenting the SBTi’s synthesis of the evidence submitted through the call for evidence on the effectiveness of carbon credits in corporate climate targets.
- Findings of independent systematic review on the effectiveness of carbon credits in corporate climate targets: A statement on the findings of the assessment conducted by an independent third party on peer-reviewed academic literature on the effectiveness of carbon credits when used as a substitute for direct abatement.
Read more: Leaders under pressure to resign as SBTi alters carbon credit guidelines
Following this announcement, a draft of the Corporate Net-Zero Standard will be released for public consultation towards the end of Q4 2024.