(Credit: Science Based Targets)The Science Based Targets initiative (SBTi) has launched a transformation program in order to meet the rising demand for science-based targets. Changes include the establishment of a separate entity for validation services, the formation of a legal board of trustees, and the incorporation of SBTi.
SBTi, which operates as a partnership between the World Wide Fund for Nature, CDP, World Resources Institute, UN Global Compact, and the We Mean Business Coalition, helps companies set targets toward a zero-carbon economy. SBTi shows organizations the quantity of emissions they must reduce and how quickly reductions must be made to meet Paris Agreement goals.
Companies such as JetBlue, Del Monte Foods, and Chipotle have set goals that align with SBTi, and increasingly more companies are looking to do the same. SBTi estimates that by 2025, more than 10,000 companies will have set science-based targets.
As international demand grows for science-based targets, seeing a year-on-year increase of 87% last year, SBTi has made plans to meet this growing capacity. In the past year, SBTi has doubled its headcount for target validations, all the while cutting wait times for such validations in half. The initiative aims to continue setting standards and validating companies' progress efficiently, for every company interested in setting science-based emissions targets.
The initiative has also now been incorporated in the United Kingdom, where it has registered as a company limited by guarantee and has submitted an application to the U.K. government's Charity Commission
Incorporating as an independent legal entity with its own board of trustees is SBTi’s first step in expanding its abilities to meet rising demand. SBTi has announced the addition of a new chair, Francesco Starace, former CEO of ENEL and partner at EQT Infrastructure. Two new independent trustees, Iván Duque and Ester Baiget, have also been appointed.
SBTi’s separation of standard-setting and validation will allow both divisions to further boost credibility and integrity for businesses and financial institutions setting science-based standards. The initiative plans to keep standard-setting and target validation entities closely linked despite the change. SBTi’s validation services will also be newly structured in order to best accommodate growing demand from companies for science-based target setting.
Finally, the SBTi plans to strengthen its standard-setting by placing its technical governance and standard-setting processes in line with internationally recognized best practices. The initiative will publish its updated standard-setting procedures following the appointment of its Technical Council.
