In today's rapidly evolving landscape, managing climate-related risks has become an essential aspect of corporate responsibility. As organizations strive to demonstrate their commitment to sustainability, one crucial component emerges: setting credible greenhouse gas emissions reduction targets.
The urgency of this endeavor was underscored in 2015 with the signing of the Paris Agreement, where global leaders acknowledged the imperative to limit greenhouse gas emissions to a level that would keep global warming well below 2 degrees Celsius. This target was revised even further in 2018, down to 1.5 degrees Celsius.
For organizations, accepting their allocated greenhouse gas emissions reductions becomes imperative in meeting these targets effectively. This involves setting reduction targets that align with global objectives and submitting them for validation through organizations like the Science Based Targets Initiative (SBTi).
The SBTi plays a pivotal role in ensuring the credibility of greenhouse gas emissions reduction targets. Companies seeking to establish such targets undergo a rigorous process, including setting targets ending in 2050, with interim periods, and having them validated by the SBTi.
Currently, approximately 4,000 companies worldwide have set credible science-based targets, a number expected to rise with the increasing emphasis on climate reporting regulations. Frameworks like the Taskforce for Climate-Related Financial Disclosures (TCFD) also require companies to report credible metrics and set credible targets, further reinforcing the importance of this endeavor. While the ultimate target year remains 2050, the focus is shifting towards interim goals, with expectations for significant emissions reductions by 2030.
At Schellman, we recognize the significance of this process and stand ready to assist organizations in navigating it effectively. Our experts can review your targets against the SBTi framework, providing independent assurance to your stakeholders that they have been set credibly. Moreover, our peer review process ensures that your targets are not only aligned with global objectives but also instills confidence in their credibility.
To learn more about how Schellman can support your organization in setting credible greenhouse gas emissions reduction targets, please use the contact us form or reach out to us directly. Together, let's take meaningful steps towards a more sustainable future.