In recent years, the urgency of addressing climate change has become increasingly apparent. As a result, many companies are taking steps to reduce their carbon footprint and accelerate their climate action efforts. One way that companies can do this is by setting science-based targets for reducing their greenhouse gas emissions. These targets are aligned with the goals of the Paris Agreement and are considered to be the most effective way for companies to contribute to global efforts to combat climate change.
The Science Based Targets initiative (SBTi) is a collaboration between CDP, the United Nations Global Compact, World Resources Institute, and WWF. It provides a framework for companies to set science-based targets and track their progress towards achieving them. The SBTi has recently released new reports that provide guidance for companies looking to accelerate their climate action efforts beyond their value chain.
One key aspect of the new SBTi reports is the focus on Scope 3 emissions. Scope 3 emissions are indirect emissions that occur in the value chain of a company, including emissions from purchased goods and services, transportation and distribution, and waste generated by the company’s operations. These emissions can account for a significant portion of a company’s overall carbon footprint, so it is important for companies to address them in order to achieve meaningful reductions in their greenhouse gas emissions.
The new SBTi reports provide guidance on how companies can set science-based targets for their Scope 3 emissions and track their progress towards achieving them. This includes recommendations for setting ambitious targets that are in line with the goals of the Paris Agreement, as well as strategies for engaging with suppliers and other stakeholders to drive emissions reductions throughout the value chain.
In addition to setting science-based targets for Scope 3 emissions, the new SBTi reports also emphasize the importance of transparency and accountability in climate action efforts. Companies are encouraged to disclose their emissions data and progress towards their targets in a transparent and consistent manner, in order to build trust with stakeholders and demonstrate their commitment to addressing climate change.
Overall, the new SBTi reports provide a comprehensive guide for companies looking to accelerate their climate action efforts beyond their value chain. By setting science-based targets for Scope 3 emissions and engaging with suppliers and other stakeholders to drive emissions reductions throughout the value chain, companies can make a meaningful contribution to global efforts to combat climate change. With the urgency of the climate crisis becoming increasingly apparent, it is more important than ever for companies to take bold and decisive action to reduce their carbon footprint and help build a more sustainable future for all.
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