Aerial view of trees for SBTi article

The Science Based Targets initiative (SBTi) has recently announced several updates to its standards and methodologies, particularly concerning its Net Zero Standard and the handling of Scope 3 emissions.

These revisions are aimed at enhancing the robustness and clarity of the guidelines provided to corporations looking to align their environmental efforts with science-based climate goals.

 

Criteria for Environmental Attribute Certificates and Update on Carbon Credits

As of the update from SBTi on the 9th April 2024, the use of environmental attribute certificates, including those derived from voluntary carbon markets, has been acknowledge as a potential tool for addressing Scope 3 emissions. The SBTi plans to release specific criteria and rules by July 2024 that will outline how these certificates can be applied effectively and responsibly in this context.

While expanding the scope of tools available for emissions reduction, the SBTi has clarified that it will not directly validate the quality of carbon credits. Instead, it will rely on third-party entities to ensure that the credits meet certain standards of integrity and efficacy.

 

Net Zero Standard Revision and Enhanced Scope 3 Emissions Guidance

In January 2024, the SBTi made a to its Net Zero Standard. The updated standard now includes expanded guidance specifically targeting Scope 3 emissions, which are indirectly emitted by an organisation through activities such as travel, supply chain and waste disposal.

Scope 3 emissions often represent a large fraction of an organisation’s carbon footprint. Recognising this, the SBTi has introduced additional tools and methodologies to aid with the accurately measuring and mitigating these emissions.

 

Upcoming Developments

The SBTi has committed to ongoing updates and revisions to ensure that their standards remain aligned with the latest scientific research and policy developments. This includes continuous feedback mechanisms from various stakeholders to refine and enhance the guidelines.

The recent updates reflect an effort to offer more detailed guidance for organisations looking to measure and manage their carbon emissions. These changes are intended to provide a broader set of tools and methodologies to support varied climate action strategies within the corporate sector.

 

How We Can Help

Our consultants have experience in guiding organisations through the SBTi process, from commitment letter submission through to target validation. We understand the complexity and challenges of setting ambitious, but achievable targets. Our team will guide you at every step of the journey to ensure that your goals align with the needs of your organisation.

Contact us to book a consultation.

 

McGrady Clarke were first made aware of these changes via a statement from the Science Based Targets website circulated on 9th April 2024 and take no responsibility for any inaccuracies within this statement.