Thursday, May 30, 2024

CDP’s Role in Accelerating the Science-Based Targets Initiative (SBTi)

The Science-Based Targets Initiative (SBTi) is a global body that enables companies to set ambitious emissions reduction targets in line with climate science. As one of the founding partners of the SBTi, CDP is playing a crucial role in accelerating and institutionalizing this as global best practice.

A growing number of companies worldwide are taking bold action and setting science-based targets through the SBTi. Learn how you can get involved and join this movement.

What About Greenly?

Greenly.earth is a climate tech startup that makes it easy for SMEs to measure, reduce and offset their carbon footprint. It automates data collection and carbon analytics through integrations with 100+ enterprise software solutions, including accounting & billing systems, cloud services and electricity vendors.

Its platform allows users to track and control their carbon footprint, which includes both company-level GHG emissions activities and indirect emissions from purchased consumption. It also supports stakeholder engagement, emissions reduction planning and compliance management.

Unlike other carbon management tools, such as Sweep, Persefoni and Watershed, Greenly’s focus is on small and mid-size companies (SMEs). It recently raised a $22 million series A round led by Energy Impact Partners (EIP) and Germany and France-based investment fund Xange.

The startup has 400 customers and is building out a network of suppliers, with plans to expand into the US market. Its new “Supplier Engagement” solution helps businesses analyze the environmental impact of their suppliers and lower their carbon footprint.

This approach has become popular among SMEs, which often find it difficult to assess the environmental performance of their supply chain providers. The solution uses an in-depth database to generate supplier profiles and an environmental score for each supplier, based on their carbon maturity.

Founded in 2019, by Alexis Normand, Matthieu Vegreville and Arnaud Delubac, Greenly aims to simplify carbon accounting for SMEs and make it accessible to the entire PME ecosystem. With a strong team of complementary founders, the company is ready to change the game in carbon accounting tools.

The go-to carbon accounting platform for your business

The go-to carbon accounting platform helps companies track, monitor and reduce their GHG emissions. It also nurtures a circular economy by providing the sustainability information businesses need to make informed decisions about decarbonization.

Greenly, headquartered in France, offers a comprehensive set of carbon-tracking tools for SMBs. It’s designed for business-grade accounting needs, allowing you to calculate Scope 1 and 2 emissions, match your procurement spend to the value chain categories associated with reporting based on the Greenhouse Gas Protocol, and get climate expert support.

Net0 is a digital solution that enables businesses to measure, manage and reduce their carbon footprint as they work towards a net zero future. It uses artificial intelligence to automate data capture from invoices and utility bills, ensuring accurate measurement and identifying areas for reduction.

As the climate crisis worsens, more and more companies are required to quantify their greenhouse gas emissions and report them in a transparent manner. They also need to be able to verify their climate action and prevent greenwashing.

Choosing the right carbon accounting tool requires thorough research and consideration. It’s important to look at the features, methodology and auditing methods a vendor has, as well as their industry experence and track record.

The must-have features of the best carbon accounting tools include clear quick summaries (to understand immediate areas of risk and opportunity) and itemized granular data (for transparency, auditing and to take targeted action). They should provide useful data visualizations, snapshots and summaries, and they should have a variety of reporting and data export options.

When did SBTi begin?

The Science-Based Targets Initiative (SBTi) began with an initial desire to motivate others to mitigate climate change. It has since grown to include 3,000+ organizations, including 1,000 net-zero commitments.

The science tells us that global warming must be capped at 1.5degC, or lower. This means that businesses must urgently reduce their emissions, as well as those of their supply chain.

Fortunately, it’s possible to set science-based targets that align with these requirements and help companies achieve their goals. This will benefit them in many ways, including increased innovation, reduced regulatory uncertainty and improved profitability and competitiveness visit here.

What is the main objective of the SBTi?

The main goal of the SBTi is to help companies reduce their emissions in line with climate science. This helps to ensure that businesses can effectively reduce their carbon footprint and fight against a drastic global temperature rise.

The SBTi is a joint initiative between the World Resources Institute (WRI), CDP, the UN Global Compact and WWF. It aims to promote science-based target setting and provide a range of target-setting tools and guidance.

To become a part of the SBTi, companies must submit a commitment letter and commit to reducing their emissions through science-based targets. Then they can start developing their emissions reduction targets based on the SBTi criteria. Once they have developed their targets, they can submit them to the SBTi for validation.

What is the application process for joining SBTi?

Companies that join the SBTi must submit emissions reduction targets in line with science. The SBTi approves and endorses these targets in a rigorous manner.

The SBTi provides a range of resources and guidance to help organizations develop their science-based targets. Thousands of businesses are now leading the zero-carbon transformation by setting targets grounded in climate science through the SBTi.

Having robust, science-based carbon targets will improve brand reputation among customers and investors and strengthen the competitiveness of companies that adopt them. They also help drive positive ‘ambition loops’, reinforcing climate action and driving governments to take bolder action.

Why should I join the SBTi?

The SBTi helps companies to reduce their greenhouse gas (GHG) emissions by establishing and achieving emission reduction targets that are aligned with levels that the scientific community says are necessary to limit global warming. This is a vital step in limiting climate change, and has the potential to make a company more sustainable.

The initiative is part of WRI’s Center for Sustainable Business and a collaboration between WRI, CDP, WWF, and the UN Global Compact.

By establishing science-based GHG emission reduction targets, companies can protect their reputation among key stakeholders such as investors, customers and employees. This reputational protection can help to accelerate the low carbon transition and reduce uncertainty for businesses.

How successful has the SBTi been?

As the world’s biggest companies are implementing carbon accounting and sustainability measures, it is becoming more important that they set their targets in line with science. That is where the Science-Based Targets Initiative (SBTi) comes into play.

The SBTi is an initiative led by the World Resources Institute (WRI), CDP, and WWF that supports companies to set science-based emissions reduction and net-zero targets in line with climate science. The target setting process is independent and unbiased, and the science behind the targets are carefully assessed and validated.

While the SBTi has had a positive impact on target setting, it is still important to keep in mind that many of these targets are only being achieved within the first year of their approval. This can be a sign of poor ambition or that the company’s current reporting methodology does not track progress well enough against their science-based targets.

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