Last week the Science Based Targets initiative (SBTi) announced major updates for target-setting to align with the latest climate science published in the IPCC Special Report on 1.5°C. Starting October 2019, SBTi will only accept targets aligned with 1.5°C or well-below 2°C pathways. Quantis Climate Strategy Lead Charlotte Bande tunes in from GreenBiz19 to answer your questions on the latest SBTi updates. Below are the video highlights.
+ New targets shift from 2°C to well-below 2°C or 1.5°C
+ April 2019: new criteria and materials available
+ October 2019: only well-below 2°C or 1.5°C targets accepted
+ Target ambitions will be displayed on SBTi website
I have validated science-based targets in line with 2°C, will I need to update them?
No, your 2°C targets will still be considered valid. What’s new is that the initiative website will begin disclosing the level of ambition of each company’s targets (1.5°C, well-below 2°C, or 2°C). Also, SBTi is establishing a 5-year review system on all targets. This review process will be mandatory starting 2025.
What does this update mean for new science-based targets?
The update raises the bar for companies. It shifts the minimum alignment threshold from 2°C to “well-below 2°C” and encourages companies to set SBTs in line with a 1.5°C pathway.
When will new materials be available to companies?
In April 2019, the SBTi will publish new criteria and materials for companies to set targets in line with 1.5°C or well-below 2°C pathways.
When does the new criteria enter into effect?
Starting October 2019, the SBTi will only accept and validate targets aligned with 1.5°C or well-below 2°C pathways – 2°C targets will no longer be accepted.
Got more questions on how the SBTi updates can impact your company’s climate strategy? Quantis Senior Consultant Climate Strategy Lead Charlotte Bande is smart, sharp and friendly.