The Science Based Targets initiative (SBTi) has released four technical publications as part of the early stages of revising its Corporate Net-Zero Standard. This move is aimed at ensuring the Standard remains aligned with the latest scientific research and best practices, particularly in addressing the challenges of Scope 3 emissions.
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Scope 3 emissions, which constitute 75% of the average company's carbon footprint, are notoriously difficult to manage. The SBTi, a leading voluntary standard-setter, is exploring more effective approaches to tackling these emissions. The newly released documents include a discussion paper on Scope 3 target-setting principles and evidence regarding the effectiveness of environmental attribute certificates (EACs) like carbon credits in corporate climate targets.
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One key report synthesises evidence on the role of carbon credits in achieving corporate climate goals but notes that findings are mixed and further research is needed. The Scope 3 discussion paper explores scenarios where carbon credits might be used without offsetting direct emission reductions within a company's value chain.
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The SBTi plans to release a draft of the revised Corporate Net-Zero Standard for public consultation by the end of Q4 2024. Contributions from businesses, civil society, and government are encouraged to shape the final standard. The outcome of this revision is expected to significantly influence corporate decarbonisation efforts globally.
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