PolyU CPCE’s Post

Just out: the Science Based Targets initiative confirms with robust evidence that carbon credits are no substitute for drastic emissions cuts. Even when it comes to Scope 3 emissions, I've yet to see credible evidence supporting the widespread use of carbon credits. There are existing, scientifically backed approaches to mitigating such emissions without relying on dubious offsetting schemes. These findings back up what the UN High-Level Expert Group set out in our Integrity Matters report in 2023. My respect goes to the SBTi staff, who withstood a great deal of pressure and intimidation from vested interests who would rather these conclusions not come to light. Their steadfastness and academic rigour shows that science remains at the heart of SBTi (as we need it to be). I hope that this review draws a clear red line under the recent controversy surrounding the initiative's flirtation with carbon credits. And on that topic, events of the last few months have exposed some unpleasant dynamics at SBTi. I'm adding my voice to the calls for a review of SBTi's governance structure, to root out conflicts of interest. Staff must be supported, not undermined, by SBTi leadership to follow the initiative's mission of defining high integrity, science-based targets. #NetZero #VCM #SBTi

🚨 New SBTi Publications Alert! 🚨 A few weeks ago the Science Based Targets initiative (SBTi) took a significant step in revising its Corporate Net-Zero Standard with the release of four key technical papers. This early-stage review focuses on enhancing the approach to scope 3 emissions, which are crucial yet challenging for companies aiming to decarbonize. Key highlights: - A new discussion paper explores potential changes to scope 3 target setting, emphasizing that direct decarbonization within the value chain must remain a priority. - Synthesis reports assess the effectiveness of Environmental Attribute Certificates, particularly carbon credits, in supporting corporate climate targets. The emphasis is clear: carbon credits should supplement, not replace, internal efforts to reduce emissions. The SBTi had previously suggested that companies could use carbon credits to offset Scope 3 emissions (value chain) in their decarbonization plans, which caused frustration among the initiative's employees, who saw it as an attempt to weaken net-zero rules. This new technical analysis demolishes this possibility and directly criticizes carbon markets, classifying them as an ineffective instrument for reducing GHG. The revision process is ongoing, and a public consultation on the draft Corporate Net-Zero Standard is expected by the end of 2024. This is a critical moment for companies to engage and help shape the future of corporate climate action. 🌍 Stay informed and be part of the change! 🔗 Link to the full details: https://lnkd.in/dmVeegCb #Sustainability #NetZero #ClimateAction #CorporateResponsibility #SBTi

Do you know how the current practices of setting #netzerotargets might disadvantageously influence climate innovators? One of the latest research highlights the risks to be considered when turning #climatepledges to their best in a systematic manner. They found that… 📍The way the Science Based Targets initiative (#SBTi) operates is more suitable for corporates than startups, creating an unfair advantage in receiving funding and other benefits. 📍Declaring environmental goals and commitments require more credibility, which is supported through investing in #climateinnovation. 📍Innovation is indispensable to consider in order for #SBTi systems to be more efficient and as environmentally friendly as possible. https://lnkd.in/g4dZqTgD Data-Driven EnviroLab #climatechange #climatefunds

The Science Based Targets initiative (SBTi) has released four new technical publications as part of its review of the Corporate Net Zero Standard. The organisation stresses that this is an early step in the review process and its current guidance remains unchanged. Susan Jenny Ehr, Interim CEO at SBTi, says: "Over the last decade, the SBTi has validated the targets of over 5,000 companies with another 3,000 companies having committed to submit targets for SBTi validation." I've been through them - have a read #Sustainability #SBTi #NetZero Alberto Carrillo Pineda Leyla Ertur

Much ado about Net Zero at Science Based Targets initiative. Are you curious about what the SBTi's process is for updating the Corporate Net Zero Standard, why they're making updates, what changes they are considering, or what it means for your business today? My colleague Viviana M. Jiménez Torres and I dive into the SBTi's release of key documents including the Scope 3 Discussion Paper and their Synthesis report of evidence on the effectiveness of Environmental Attribute Certificates in corporate climate targets – Part 1: Carbon credits. Learn how Anthesis Group can help you navigate the changing currents of science-based corporate target-setting.

📢 Planning on setting science-based #netzero targets? The Science Based Targets initiative (SBTi) has just announced the launch of a major revision to the Corporate Net-Zero Standard outlining the objectives, scope, deliverables, provisional timeline, and opportunities for engagement during the standard revision process. Read more below. ⬇ #SBTi #Emissions #Scope3 #ESG #Sustainability

Here are Carbonaires key takeaways of Science Based Targets initiative (SBTi)’s 3 technical publications as part of their ongoing work in reviewing the Corporate Net-Zero Standard (CNZS): ▶ The research is narrow and limited with only a small sample of reports being assessed ▶ Overall outputs signal a tone of vagueness, complexity and delay ▶ Negative perceptions of the VCM don't seem sufficiently up to date or informed ▶ The delay in releasing the draft of Version 2 of the standard until Q4 2024, with implementation likely not until the end of 2025, is a significant concern ▶ There is tacit reinforcement of the view that CDR will become part of corporate target setting but this is generally vague overall ▶ Most of the Scope 3 suggestions are provisional and exploratory, offering no clear indication of the path forward ▶ At a time when strong leadership is crucial, SBTi appears hesitant to take a definitive stance ▶ Many market commentators have been critical of these publications since the publishing date ▶ However, whilst the above outputs might be seen as sub-optimal, Carbonaires are hopeful that an absence of clear guidelines may allow the best led SBTi member companies to demionstrate leadership on engaging with the VCM whilst waiting for further guidance. We are mindful however that others might coast along content to proverbially kick a can down the road. BTW – our house view is above, but we have another comment from the heart: Delays are in tension with the urgency of the climate crisis. We know that Net Zero Now is possible now using twin-track of reductions, efficiencies and high integrity credits provided that high quality projects get investment now. This should be the standard all corporate emitters are held accountable for and all industry groups rally around.

We help companies make moves towards Science Based Targets and other climate action. It's inspiring to see how many organizations are getting validated! #sciencebasedtargets #climateleadership #emissionsreduction

🎯This week, the number of businesses with validated science-based targets surpassed 5,000. The SBTi launched in 2015 with a mission to enable the private sector to cut emissions in line with goals of the Paris Agreement. Since then, there’s been a dramatic rise in the adoption of science-based target setting from nearly every sector worldwide. The number of companies with science-based targets has roughly doubled each year since the first target validation in 2015. From small companies to the largest corporations, from the streets of London to the countryside of Thailand, the private sector is rethinking what it means to take credible corporate climate action. And a growing number are starting by setting science-based targets through the SBTi. This growth is encouraging, but there is more work to be done. The SBTi urges more businesses to join the 5,000 and set science-based targets today. 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 #netzero #climateaction

With the twin green and digital transitions in full swing, the link between digitalization and #sustainability is as important as ever. ITI recently hosted a roundtable discussion with the Director for Circular Economy at the European Commission’s Directorate General for the Environment, Aurel Ciobanu-Dordea 🇪🇺. Key topics discussed include the crucial topic of circular economy for information #technologies.   ITI’s members are as committed as ever to support the green transition and improving tech sustainability. We are committed to constructively engage with the #EU in order to build on the progress made in the current mandate.