Science Based Targets initiative

📢 LAUNCHED TODAY! 📢 The SBTi has released our Monitoring Report 2023, showcasing significant milestones in global corporate climate action. The report finds continued growth across key metrics including global growth of companies with validated targets, market cap penetration and global reach. Key findings include: ↗ The number of companies with science-based targets increased by 102% in 2023, driven notably by robust expansion in Asia. 🗾 Japan emerged as the global leader in science-based target setting, surpassing the UK and US with a total of 768 companies with validated targets. 🌏 India experienced a 520% increase in companies setting science-based targets in 2023 compared to 2022. 📈 Companies with validated targets or commitments reached 39% of the global market cap, increasing two percentage points from 2022. 💊 The biotech, healthcare, and pharma sector saw the most substantial growth in target setting, with a 222% increase, while materials industry growth slowed to 41%. Luiz Fernando do Amaral, CEO of SBTi, emphasized the report's findings, stating, "The deepening foothold of the SBTi in global markets, especially the Global South, demonstrates a growing understanding of companies of what is required of them to meet the aims of the Paris Agreement. We must now fight harder than ever to keep those aims alive, so I call on companies everywhere to set targets and report against them as a matter of urgency.” Find out more: https://lnkd.in/eYP7CE3S #SBTiScaleUp #ClimateAction #SBTiProgress

📢The SBTi is inviting financial institutions (FIs) worldwide to pilot the upcoming draft Financial Institutions Net-Zero (FINZ) Standard. The FINZ Standard will provide a framework for FIs to effectively develop and integrate net-zero targets into their operations and portfolios. Participants in the pilot will have a unique opportunity to create test-version science-based targets  This process will help refine and enhance the draft standard before its official release. Participants may use insights and learnings from their experience to formally submit targets for SBTi validation following the pilot. Key details: 📅 Pilot Start Date: August 19th, 2024  📝 Application Deadline: August 9th, 2024 👉Head over to our website to learn more about the pilot's objectives, selection criteria and requirements, and to apply: https://lnkd.in/gBQNTC24 *Please note: Targets developed through the pilot test will not constitute formally validated science-based targets.* #SBTi #FINZStandard #NetZero #FinancialInstitutions

🤔 Interested in learning about how the SBTi develops our standards? The SBTi has a step-by-step process for developing standards. Only when this process has been completed can a standard be released for businesses to adopt and set science-based targets against. This ensures our approach is in line with best practice for standard-setting organizations. In this blog, Alberto Carrillo Pineda, SBTi’s Chief Technical Officer, outlines the eight stages of our Standard Operating Procedure for the Development of SBTi Standards. 👉Read the blog here: https://lnkd.in/eD7HcTan #sciencebasedtargets #SBTi #SOP #netzero

What exactly is a standard? What does it mean for the SBTi to become a standard-setter? And why is it important for the future of corporate climate action? Since announcing plans to become an independent entity, the SBTi has been on a journey from a partnership initiative to a formal voluntary standard-setter. This enables the SBTi to play a more influential role in shaping corporate sustainability practices, driving innovation, and accelerating measurable progress towards a more sustainable future. In this blog, SBTi Chief Technical Officer Alberto Carrillo Pineda explains the concept of standard-setting and the pivotal role standard-setters can play in corporate climate action. Read the blog here: https://lnkd.in/eRcy3CXY #SBTi #SBTiScaleUp #Standards #climateaction

🎯 Our target dashboard has been updated! There are now more than 5,690 organizations with validated science-based targets, and over 8,475 with targets or commitments to set them. 🙌 Congratulations to all of these for their commitment to robust, credible action to reduce greenhouse gas emissions! Head to our website for more information about the targets and commitments of all organizations setting science-based targets. 👉 https://lnkd.in/d6-Ef-3J #SBTiScaleup #sciencebasedtargets

Our new Monitoring Report finds that Asia had the second highest proportional growth in the number of organizations setting science-based targets in 2023. Key findings include: 📈 741 companies headquartered in Asia set science-based targets, a 140% increase from 2022. 🌏 Asia now hosts 27% of all companies with targets and commitments (2015-2023), demonstrating significant regional leadership. 🇯🇵 Japan led globally with 453 companies setting targets in 2023, showing 124% growth on the previous year 🇮🇳 India saw the steepest growth with a 520% increase in companies setting targets compared to the previous year. 🔗 Growth in India's target-setting can powerfully impact scope 3 emissions globally, given its role in global value chains. Head over to our website to read the full report and explore more regional data about science-based targets in 2023: https://lnkd.in/gGuUpAYE

Responsible for 7% of global energy sector CO2 emissions according to International Energy Agency (IEA), the steel sector is a substantial contributor to climate change. That is why the SBTi has released a new resource designed to support steel industry companies to set science-based targets. The new ‘SBTi’s Steel Guidance in Brief’ provides an introduction to the steel guidance, the main steps to follow when developing a science-based target, and responses to frequently asked questions. And our Criteria Assessment Indicators (CAI) detail the information companies must submit during the target validation process and ensure their targets are in line with the SBTi criteria, the Steel Guidance and the @Greenhouse Gas Protocol Accounting Standards. In this blog, Brenda Chan, the SBTi’s Technical Manager (SBTi) and co-author of the Steel Science-Based Target-Setting Guidance, introduces these resources and highlights the significance of the first 1.5°C-aligned steel company science-based targets. https://lnkd.in/eykHtJn9 thyssenkrupp Steel Swiss Steel Group #steelsector #climateaction #netzero

Today we announce that Luiz Fernando do Amaral is stepping down as CEO of the SBTi, effective July 31st. Luiz is stepping down for personal reasons and Susan Jenny Ehr, currently Chief Legal Officer, will step in as interim CEO. Under Luiz's leadership, the SBTi has grown from an informal group to an organization that has driven exponential growth in global corporate target setting, seeing over 5,500 companies with validated targets and another 3,200 formally committed to the process. We remain focused on delivering our strategy and maintain momentum of our technical work and the separate of the standard development and target validation services. Together, we continue our commitment to driving impactful corporate climate action globally. Read more about the news here: https://lnkd.in/eBRmuzhc

🎯Our target dashboard has been updated! There are now more than 5,630 organizations with validated science-based targets, and over 8,490 with targets or commitments to set them. 🙌 Congratulations to all of these for their commitment to robust, credible action to reduce greenhouse gas emissions! Head to our website for more information about the targets and commitments of all organizations setting science-based targets. 👉 https://lnkd.in/d6-Ef-3J #SBTiScaleup #sciencebasedtargets

📢Deadline extension!📢 We're extending the application deadline for the Power Sector and Automotive Sector Expert Advisory Groups (EAGs) until July 17. By joining the EAGs, experts from corporate, finance, academia, research, government, non-profit, and multilateral organizations have the chance to support the continued development of resources that enable the power and automotive sectors to decarbonize in line with science. This is an excellent opportunity to play a significant role in the development of these essential standards.  👉Find out more and apply: https://lnkd.in/gyt8cBQ8 #EAGs #PowerSector #AutomotiveSector #NetZero