The Science Based Targets initiative (SBTi) is seeking public feedback on the initial draft of its updated Corporate Net-Zero Standard. This updated framework aims to provide companies with clear guidance on how to effectively achieve net-zero emissions. The SBTi’s draft underscores the importance of distinct actions for Scope 1 and Scope 2 emissions, encouraging companies to transition to low-carbon electricity by 2040. Additionally, it offers flexibility by allowing companies to focus on targets related to green procurement and revenue generation rather than strictly adhering to specific emissions reduction figures.
One of the significant elements of the draft is its focus on Beyond Value Chain Mitigation (BVCM) and carbon removal targets, which aim to tackle emissions that are harder to reduce directly. This strategic inclusion is designed to drive companies to invest in innovative solutions for long-term environmental benefits. The framework also introduces measures to assist small and medium-sized enterprises (SMEs), particularly in developing countries, in engaging in corporate climate action, which has been a critical barrier in the past. These provisions aim to level the playing field and encourage broad participation in the global transition to net-zero emissions.
The SBTi’s Corporate Net-Zero Standard encourages transparency, accountability, and science-based approaches to carbon reduction. By offering a flexible yet structured framework, it aims to make net-zero goals more achievable for a diverse range of businesses across various industries. The consultation period for feedback on this draft will run from March 18 to June 1, 2025, allowing stakeholders to provide input before the final version is released. This collaborative approach will ensure that the updated standard addresses the practical challenges companies face while driving global efforts to mitigate climate change.
