An estimated total of 505 companies have set their Science Based Targets, under the global ‘Science Based Targets initiative’, launched in 2017 by the United Nations Global Compact, CDP, World Resources Institute (WRI), the World Wide Fund for Nature (WWF), and one of the We Mean Business Coalition commitments.
The initiative provides companies with a clearly defined pathway to future-proof growth by specifying how much and how quickly they need to reduce their greenhouse gas emissions. The transition to a low-carbon economy is underway and every market is expected to be transformed.
Why set a Science Based Target? How to set a Science Based Target Signing the commitment letter indicates that your company will work to set a science-based emission reduction target. If your company already has an emissions reduction target, the letter confirms your interest in having your existing target independently verified against a set of criteria developed by the Science Based Targets initiative. Once your company commits to setting Science-Based Targets it has up to 24 months to develop a science-based absolute emissions or an absolute emissions intensity reduction target with support from a technical working group. The Science Based Targets team will then verify the target against the SBTi criteria and inform you whether the target has been formally approved or if it needs additional work. If the target meets the criteria your company will be showcased on the Science Based Targets website and in other communications and you will be able to use our logo on your website and communications. Once a company has committed to setting a science-based target, they are encouraged to also further pledge to phase out all greenhouse gas emissions by January 1, 2050 and join the Net-Zero by 2050 team. The Net-Zero 2050 Team is a leadership group of CEOs and their companies, who are working together to accelerate the just transition to net-zero greenhouse gas emissions by 2050.
