5 years: Carbon Markets
Why bother setting science-based targets? Why do you need to formalise them? Join Sam Hope as he explores the benefits.
Why bother setting science-based targets? Why do you need to formalise them? Join Sam Hope as he explores the benefits.
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11 mins 7 secs
In general, a business should aim to save 5-10% of annual emissions across its operational and value-chain emissions. The first step any organisation should take is to measure its carbon footprint, which will create a baseline for the emissions of an organisation. The second step is to set science-based targets that demonstrate the intention to decarbonise operations in line with scientific consensus. The Science Based Target initiative (SBTi) offers frameworks, such as the Net-Zero Standard, which can guide companies on the path to net zero emissions. The benefits of this include increased bottom line savings.
Key learning objectives:
Outline how to set science-based targets
Identify the frameworks for science-based targets
Understand the benefits of science-based targets
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The first step any organisation should take is to measure its carbon footprint, which will create a baseline for the emissions of an organisation. The second step is to set science-based targets that demonstrate the intention to decarbonise operations in line with scientific consensus.
The primary science-based target setting organisation is one of the same name: the Science Based Target initiative (SBTi). The SBTi is a privately-led and funded organisation which releases frameworks, such as the Net-Zero Standard, which can help guide companies on how to engage on the pathway to net zero. The Net-Zero Standard recommends setting near-term targets (for cutting down emissions at a rapid pace) and long-term targets (for harder-to-abate areas of an organisation, such as the use of company vehicles or scope 3 emissions).
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