The UK has a high number of companies with validated SBTi targets, placing it among one of the top countries globally with validated reduction targets through the Science Based Targets Initiative (SBTi). Many UK companies are setting both near-term and Net Zero goals, with some aiming to achieve Net Zero as early as 2030.
To achieve SBTi target approval, companies must follow a structured, science-based process that ensures their commitments are credible and aligned with the Paris Agreement goal of limiting global warming to 1.5°C pre-industrial levels.
On the 18th of March this year, the SBTi launched a public consultation to seek feedback, which ended on the 1st of June to provide opportunities for revisions to its Corporate Net-Zero Standard.
The draft outlines several key changes aimed at accelerating corporate decarbonisation. A major focus is on addressing the ongoing challenges around Scope 3 emissions, particularly value chain action, which many companies cite as a significant hurdle. The consultation also places greater emphasis on direct supplier engagement, encouraging companies to use their influence to ensure tier-one suppliers set Net Zero targets or demonstrate Net Zero-aligned procurement practices.
The draft also explores ways to incentivise the scaling up of climate finance and carbon removals while maintaining a primary focus on direct emissions reductions. It proposes simplified requirements to help companies in emerging economies and SMEs set targets more easily.
Additionally, a new proposed requirement for Category A companies, i.e. large entities in high-income nations, to obtain third-party (limited) assurance on base year GHG emissions inventory is also included. This distinction between organisational categories will allow climate action to be ambitious and achievable across all businesses.
Act now and reduce your GHG emissions
McGrady Clarke’s carbon experts are experienced in guiding organisations through the entire SBTi process and always follow the latest guidance and recommendations.
If you’re finding it challenging to set and get your targets approved, or you’re ready to begin your SBTi journey, we can provide clear guidance and hands-on support at every stage. Contact McGrady Clarke today to speak with one of our specialists.
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