In recent years, the urgency of addressing climate change has become increasingly apparent. As a result, many companies are taking steps to reduce their carbon footprint and accelerate their climate action efforts. One way that companies can do this is by setting science-based targets for reducing their greenhouse gas emissions.
The Science Based Targets initiative (SBTi) is a collaboration between CDP, the United Nations Global Compact, World Resources Institute, and WWF. The initiative helps companies set ambitious, science-based targets to reduce their greenhouse gas emissions in line with the goals of the Paris Agreement. By setting science-based targets, companies can ensure that their emissions reductions are in line with what is needed to limit global warming to well below 2 degrees Celsius.
One of the key ways that companies can accelerate their climate action efforts beyond their value chain is by utilizing the new SBTi reports. These reports provide companies with a roadmap for setting science-based targets and tracking their progress towards achieving them. The reports also provide guidance on how companies can engage with stakeholders, set ambitious targets, and implement strategies to reduce their emissions.
To accelerate climate action beyond their value chain, companies can follow these steps outlined in the SBTi reports:
1. Set ambitious science-based targets: Companies should set targets that are in line with the latest climate science and are consistent with the goals of the Paris Agreement. These targets should cover all scopes of emissions, including direct emissions from operations, indirect emissions from purchased electricity, and emissions from the value chain.
2. Engage with stakeholders: Companies should engage with stakeholders, including investors, customers, employees, and suppliers, to gain support for their climate action efforts. By involving stakeholders in the process, companies can build credibility and demonstrate their commitment to addressing climate change.
3. Implement strategies to reduce emissions: Companies should implement strategies to reduce their emissions, such as investing in renewable energy, improving energy efficiency, and reducing waste. By taking action to reduce their emissions, companies can not only mitigate the impacts of climate change but also realize cost savings and improve their bottom line.
4. Track progress and report on results: Companies should track their progress towards achieving their science-based targets and report on their results. By transparently reporting on their emissions reductions, companies can build trust with stakeholders and demonstrate their commitment to climate action.
Overall, setting science-based targets and utilizing the new SBTi reports can help companies accelerate their climate action efforts beyond their value chain. By taking action to reduce their emissions and engage with stakeholders, companies can play a crucial role in addressing climate change and creating a more sustainable future for all.
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- Source: https://zephyrnet.com/new-sbti-reports-guide-companies-beyond-value-chain-bvcm-for-faster-climate-action/