The global community is facing a daunting challenge in the form of climate change, and urgent action is required to mitigate its impact. The scientific community has long warned that we must take bold steps to reduce greenhouse gas emissions to avoid catastrophic consequences. Businesses, governments, and organizations across the globe are now stepping up to the challenge with a new initiative called Science-Based Targets (SBTs).
SBTs provide a framework for businesses to set greenhouse gas emission reduction targets aligned with the Paris Agreement's goals, which aim to limit global warming to well below 2°C above pre-industrial levels. SBTs are designed to ensure that businesses act consistently with the latest climate science and do their part to reduce emissions to avoid the worst impacts of climate change.
The initiative was launched in 2015 by the Science Based Targets Initiative (SBTi), a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI), and the World Wide Fund for Nature (WWF). SBTi provides a clear and consistent methodology for companies to set targets aligned with the latest climate science.
A growing number of companies
SBTi encourages companies to set two types of targets: absolute emission reduction targets and intensity targets. Absolute emission reduction targets require companies to reduce their total greenhouse gas emissions by a specific percentage, usually over a 10–15-year period. Intensity targets, however, require companies to reduce their emissions relative to a particular metric, such as revenue or production output.
More than 4.700 companies from a wide range of industries have committed to setting science-based targets. These companies include global giants such as Coca-Cola, Dell, Google, and Nestle, as well as small and medium-sized enterprises. The number of companies committed to SBTs is growing rapidly, with a 39% increase in commitments between 2020 and 2021.
A clear and consistent methodology
There are several reasons why SBTs are a powerful tool for businesses that want to take meaningful action on climate change. First, SBTs provide a clear and consistent methodology for setting targets grounded in the latest climate science. This ensures that businesses are taking action consistent with the latest scientific understanding of the urgency and scope of the climate challenge.
Second, SBTs provide a powerful signal to investors, customers, and other stakeholders that a company is serious about acting on climate change. Companies that commit to SBTs demonstrate leadership on this critical issue, which can help build their brand and reputation, attract investors, and differentiate them from competitors.
Future-proofing the business
Third, SBTs can drive innovation and cost savings. Companies that set ambitious emission reduction targets are often forced to innovate and find new ways to reduce their emissions. This can lead to cost savings, increased efficiency, and new business opportunities in the growing market for low-carbon solutions.
Finally, SBTs can help companies future-proof their operations. As governments and regulators worldwide take action to address climate change, companies that have already set ambitious emission reduction targets are likely to be better positioned to comply with new regulations and avoid the risks of stranded assets.
Diab is committed to the SBTs
In conclusion, the Science Based Targets Initiative is a powerful tool for businesses that want to take meaningful action on climate change. SBTs provide a clear and consistent methodology for setting targets aligned with the latest climate science. This can help build a company's brand and reputation, drive innovation and cost savings, and future-proof their operations. As the global community works to address the urgent challenge of climate change, SBTs are a critical piece of the puzzle.
Diab is the only company in our industry reducing our carbon footprint in line with Science Based Targets. That means we have a documented plan to reduce the carbon footprint of our products approved by UN Global Compact Science Based Targets. We expect – and hope – many more companies will commit to this initiative in the coming years.
You can read more about Science Based Targets here: https://sciencebasedtargets.org/
