What is SBTi?
Climate change is one of the greatest challenges that humanity faces in the 21st century. With its negative impacts on the environment, society, and the economy, controlling climate change has become an urgent priority. One important way to address climate change is by setting science-based greenhouse gas reduction targets, and that's the goal of the Science-Based Target Initiative (SBTi).
What is SBTi?
"SBTi" stands for "Science Based Targets initiative" - an initiative co-founded by the United Nations Global Compact, the World Resources Institute (WRI), and the Carbon Disclosure Project (CDP). The goal of SBTi is to ensure that businesses, organizations, and governments set their greenhouse gas reduction targets based on the science of climate change.
SBTi provides scientifically-based emissions reduction targets for businesses and organizations. Businesses and organizations participating in SBTi can achieve several benefits, including enhancing their credibility and reputation, reducing costs and improving operational efficiency, and meeting customer and investor demands for a healthier environment. Additionally, businesses and organizations participating in SBTi can contribute to reducing carbon emissions released into the atmosphere, helping to mitigate the impact of climate change. This requires organizations to consider factors such as their historical greenhouse gas emissions, potential mitigation opportunities, and clean energy sources.
The Role of SBTi
SBTi not only creates opportunities for organizations and businesses to engage in the fight against climate change but also ensures that they are acting based on science and making a real impact. This significantly contributes to achieving global climate change goals and safeguarding the future of our planet.
When organizations participate in SBTi and achieve their greenhouse gas reduction targets, they contribute to minimizing the adverse effects of climate change. This benefits the environment, society, and the economy, including reducing the risk of extreme climate change, creating new business opportunities in clean energy, and lowering operating costs.
SBTi plays a crucial role in promoting science-based climate action. It has fostered innovation and changed the way we do business, with a significant impact on society and the environment. In the future, SBTi will continue to play a crucial role in building a sustainable future for our planet, requiring the collaboration of everyone to achieve this.
Achievements of SBTi
SBTi has achieved some impressive milestones in promoting climate action:
- Broad Participation: An increasing number of businesses and organizations worldwide have joined SBTi and have established or are in the process of setting science-based greenhouse gas reduction targets. This has led to a widespread adoption of positive actions to reduce climate change impacts.
- Significant Impact: The science-based greenhouse gas reduction targets set by organizations participating in SBTi are often ambitious and require significant efforts. This has helped reduce greenhouse gas emissions significantly and contributed to climate change control.
- Evidence of Effective Emissions Reduction: Organizations participating in SBTi often have to prove that they have reduced greenhouse gas emissions based on scientific standards. This ensures that they not only set targets but also make practical efforts to achieve them.
- Encouragement of Technological and Attitudinal Innovation: To achieve greenhouse gas reduction targets, organizations often have to invest in new technologies and approaches. This has encouraged innovation in various industries and promoted the development of clean and sustainable energy.
While SBTi has achieved many significant milestones, there are still many challenges ahead. Encouraging more organizations and businesses, especially in industries with a large environmental footprint, to participate is essential. SBTi must also monitor and ensure that greenhouse gas reduction targets are implemented and achieved as planned.
Businesses need to establish scientifically sound emissions reduction pathways aligned with the 1.5°C temperature threshold by industry category
In the future, SBTi may need to adjust and update its standards to reflect the development of science and technology. This development needs to be driven and supported by everyone, from scientists to businesses and governments.
How to Achieve SBTi Goals?
To achieve the goals of SBTi, businesses and organizations need to follow a 5-step process:
- Commit: The first step is commitment. An organization or business decides to commit to setting science-based greenhouse gas reduction targets. This commitment reflects their intention to participate in SBTi and contribute to the fight against climate change.
- Develop: After making the commitment, the organization begins to develop greenhouse gas reduction targets based on scientific evidence. This involves working with experts and using scientific data to determine specific targets for reducing greenhouse gas emissions from their activities.
- Submit: This step involves presenting your greenhouse gas reduction targets to SBTi for official confirmation. SBTi will review and verify the scientific and effectiveness of the targets before accepting them.
- Communicate: Once the targets are confirmed, the organization needs to communicate them to stakeholders, including employees, shareholders, customers, and the community. This communication helps raise awareness and garner support for greenhouse gas reduction measures.
- Disclose: Finally, the organization must report its company-wide greenhouse gas emissions and track progress towards the targets on an annual basis. This ensures transparency and reliability in achieving the goals.
This process ensures that greenhouse gas reduction targets are based on scientific evidence and are effective, clearly communicated, and reported.
Does SBTi Impact Governments?
SBTi does not directly impact governments. However, governments can play a crucial role in achieving "net zero" targets by introducing policies and regulations that support businesses and organizations in reducing carbon emissions into the atmosphere. Below are some ways in which governments can influence SBTi:
- Participation and Support: Governments can participate in SBTi activities by becoming partners or providing financial support. This helps ensure the effective and sustainable operation of SBTi.
- Promotion and Support for Businesses: Governments can promote businesses and organizations within their territory to participate in SBTi and set science-based greenhouse gas reduction targets. They can provide information and technical support to help these organizations achieve these goals.
- National and Regional Target Setting: Governments can establish greenhouse gas reduction targets for their nation or region based on scientific evidence and using SBTi guidance and standards. This ensures that these targets reflect the necessary actions to control climate change.
- Creation of New Policies and Regulations: Governments can introduce new policies and regulations related to climate change based on SBTi guidance and standards. This creates a positive business and production environment for reducing greenhouse gas emissions.
- Monitoring and Evaluation: Governments can monitor and evaluate the progress of organizations and businesses in achieving science-based greenhouse gas reduction targets. This ensures the effectiveness and reliability of climate commitments and actions.
Vietnam strongly commits to reducing greenhouse gas emissions
Government has significant potential to support and influence SBTi, and collaboration between government, businesses, and civil society organizations can make a significant contribution to the fight against climate change and ensure the effectiveness of climate commitments and actions.