SBTi launches world-first net-zero corporate standard
The Science Based Targets initiative (SBTi), the global body enabling businesses to set emissions reduction targets in line with science, today launches the world-first Net-Zero Corporate Standard.
To combat this, the SBTi’s Net-Zero Standard is the world’s first science-based certification of companies’ net-zero targets in line with the Paris Agreement’s goal of keeping planetary warming to 1.5°C.
SBTi’s science-based Net-Zero Standard launches today to provide a credible and independent assessment of corporate net-zero target setting and enable companies to align their near- and long-term climate action with limiting global warming to 1.5°C.
Seven companies, including AstraZeneca, CVS Health and Ørsted, are the first worldwide to have science-based net-zero targets verified by the SBTi.
SBTi’s Standard clarifies that rapid action to halve emissions before 2030 and long-term deep emissions cuts of 90-95% before 2050 are crucial for net-zero targets to align with science.
To achieve net-zero with the SBTi, emissions that are not possible to cut – the final 5-10% – have to be neutralized through carbon removals.
Companies should invest in climate mitigation beyond their value chains on the road to net-zero, but this must be in addition to, not instead of, deep emission cuts in line with science.
Companies are currently self-defining net-zero targets without a credible and independent assessment of their ambition and integrity
“For the first time, the SBTi Net-Zero Standard offers companies robust certification to demonstrate to consumers, investors and regulators that their net-zero targets are reducing emissions at the pace and scale required to keep global warming to 1.5°C. We’re now inviting all companies with net-zero targets and ambitions to show stakeholders that their decarbonization pathway is aligned with science. And the rest of the business sector – we call on you to join the Race to Zero.”
Alberto Carrillo Pineda, Co-Founder and Managing Director of the SBTi.