New SBTi Criteria Released
Last month, the Science Based Target Initiative (SBTi) released Criteria 4.0 to remain consistent with the climate science detailed in IPCC’s Special Report on Global Warming of 1.5°C published October 2018. Now, SBTi will only accept targets that limit warming to well-below 2°C or 1.5°C above pre-industrial levels.
So, how does this updated criteria breakdown?
Scope 1+2 targets must be in line with a well-below 2°C or 1.5°C scenario
Scope 3 targets remain at 2°C ambition level
Companies with already approved science-based targets (SBTs) must re-validate their targets based on the updated criteria by 2025
All SBTs must be re-evaluated every 5 years to ensure alignment with recent climate science
SBT ambition level will be publicly available via the SBTi website
This updated criteria will go into effect on October 15, 2019
SBTi also released new documentation to help companies align their targets with the new criteria. Check out the following for more information!
SBTi Criteria and Recommendations: Defines the minimum criteria for SBTs.
Target Validation Protocol: Outlines the steps of the target validation process and the structure of SBTi.
Science-based Target Setting Manual: Provides step-wise guidance and recommendations for setting SBTs.
Science-based Target Setting Tool: Assists companies in developing, assessing, and evaluating targets.
Foundation of Science-based Targets Setting: Describes SBTi’s framework for developing target-setting methods as well as key concepts like the difference between 2°C, well-below 2°C, and 1.5°C pathways.