A Roadmap for Success: 5 Tips for Setting Science-based Emissions Targets
When companies set public sustainability targets and regularly report progress, they set the standard for others in their industry. But before goals are communicated externally, it is critical that a company first sets achievable targets rooted in data and with a detailed roadmap on how to get there.
With increased regulation around carbon disclosure and growing stakeholder expectations around addressing climate change, over 3,000 companies (including the top 250 global companies) are using science-based targets (SBTs) to set their emissions goals.
What are Science-Based Targets?
Science-Based Targets are emissions reduction commitments developed through a data-backed framework and verified against rigorous criteria. Since 2015, more than 2,000 companies have developed and publicly disclosed science-based targets for their Scope 1 & 2 emissions through the Science-Based Targets Initiative (SBTi), and last year more than 2,150 were in various stages of the science-based target-setting process. This process helps companies work toward cutting in half global emissions by 2030 and achieving net zero emissions by 2050. SBTs are designed to help businesses contribute to stabilizing global temperatures well below 2℃ and pursue efforts to limit warming to 1.5℃, as outlined in the Paris Agreement.
Some executives may not want to make public commitments. But developing science-based targets can actually provide a measure of protection and the data to back it up. Many companies in the early stages of their sustainability processes are quietly setting internal science-based targets to ensure they’ve built a solid foundation for future public reporting.
How Can Your Company Advance Your Sustainability Journey with SBTs?
Know your carbon footprint.
Follow the Greenhouse Gas Protocol to track your company’s emissions. If Scope 3 emissions make up more than 40% of your company’s total emissions, you’ll need to include it in your target-setting.
Don’t include your carbon offsets.
The world of carbon offsets is fraught with landmines: it is largely unregulated, highly fragmented, and full of low-quality projects that don’t contribute to global emissions reduction goals. In addition, SBTs do not allow for the use of carbon offsets as a viable emissions reduction strategy.
Look to the future.
Your SBTs can be set for as short as 5 years or as long as 15 years. Establish timelines that align with your company’s typical approach for goals setting and risk forecasting process. Design your company’s targets to match your business language and culture.
Plan for annual reporting.
Companies committing to SBTs are expected to disclose their progress annually. Set this expectation with your team early on and create target monitoring and reporting practices to ensure this can be done. Your target calculations and reporting should follow soon after your emissions inventory is complete.
Approach with transparency.
Meeting science-based targets may not be achievable by all companies, but don’t let that dissuade you from pursuing them. Your company can protect itself from the reputational risk of not meeting these targets by regularly communicating progress and openly discussing challenges faced along the way. Increased trust with stakeholders can be achieved when companies demonstrate transparency, but targets should not be set unless executive leadership is fully committed to pursuing them.
Conclusion
Progress towards a sustainable future hinges on tangible actions, and science-based targets offer a framework to propel your company towards a greener future. By adhering to these guidelines, your company can chart a course that's rooted in data, marked by transparency, and defined by substantial impact. As the world grapples with the complexities of climate change and corporate responsibility, the adoption of science-based sustainability targets emerges not merely as an obligation but as an opportunity to foster positive change.
The Uplift Agency
Uplift builds strategies, programs, and communication campaigns that advance ESG in workplaces, supply chains and communities.
We know how to navigate the road ahead because we’ve already been down it – 90 percent of our team has led environmental or social programs in corporations or nonprofits. Because ESG is all we do, our services are more comprehensive and integrated than most firms.
