Demystifying Climate Targets: Understanding SBTi, Net Zero, and More
In today’s world, addressing climate change is no longer a choice; it’s a necessity. Furthermore, many businesses are recognising the importance of adopting sustainability practices, not just to protect the planet but also to future-proof their operations. So if your company is considering the transition to a greener and more sustainable future, you’ve come to the right place. Welcome to Greener Company’s Knowledge Center, where we break down the essential concepts of climate targets, including SBTi and Net Zero, for those looking to make a positive environmental impact.
Why Set Climate Targets?
Before we dive into the specifics of SBTi and NetZero, let’s first understand why setting climate targets is crucial. Firstly, climate targets are goals and commitments that companies make to reduce their greenhouse gas (GHG) emissions. These targets help in:
- Mitigating Climate Change: By reducing GHG emissions, you contribute to the global effort to combat climate change and limit global warming.
- Staying Competitive: Companies that align with sustainable practices often gain a competitive edge, as consumers and investors increasingly prefer environmentally responsible businesses.
- Resilience: Sustainable practices can make your business more resilient to climate-related risks and regulatory changes.
Now, let’s delve into the key climate targets and understand them better:
1. SBTi (Science-Based Targets Initiative)
The Science-Based Targets Initiative is a collaborative project that assists companies in setting GHG reduction targets that are grounded in scientific evidence. These targets are closely aligned with the Paris Agreement’s goal of limiting global warming to well below 2°C above pre-industrial levels. Setting SBTs involves:
- Assessing Emissions: Identify your company’s GHG emissions, often categorized as Scope 1, 2, and 3 emissions.
- Defining Targets: Work with experts to set specific and measurable targets that are in line with the Paris Agreement.
2. Net Zero
NetZero, as the name suggests, is the state where a company’s GHG emissions are balanced out by removing an equivalent amount of emissions from the atmosphere or offsetting them. Achieving NetZero involves:
- Emission Reduction: First, reduce your emissions as much as possible through energy efficiency, renewable energy, and other sustainable practices.
- Offsetting Emissions: Compensate for any remaining emissions by investing in projects like reforestation, carbon capture, and other activities that remove or reduce GHG in the atmosphere.
Setting Realistic Targets
To conclude: it’s important to note that setting climate targets should be realistic and tailored to your company’s unique circumstances. In addition, Greener Company’s experts can help you navigate this process by assessing your emissions, understanding your industry’s benchmarks, and setting achievable goals.
At Greener Company, we’re committed to helping your business transition to a greener and more sustainable path. Our experts can guide you through the entire Scope 1, 2, and 3 process, assist in setting Science-Based Targets, and work towards achieving Net Zero emissions. We also have a free CO2-calculator tool so you can start measuring your carbon emissions today!
Don’t miss this opportunity to make a meaningful difference and lead your company towards a sustainable and profitable future. Contact us today to plan a free 30-minute call with one of our experts who can tailor a sustainability plan just for you.
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