Science Based Targets initiative

Name: Toronto Member Breakfast
Start: 2019-07-31T08:30:00-04:00
End: 2019-07-31T10:00:00-04:00
Location: Toronto

576 Companies committed

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Adopt a science-based emissions reduction target

Leading businesses recognise the opportunity – and the imperative – to be part of the low-carbon transition. Their future growth and competitiveness hinges on it.

By setting clear, ‘science-based’ emissions reduction targets, companies ensure their plans for carbon reduction meet the level of ambition needed to limit the increase in global average temperature to well below 2°C.

Science-based targets enable companies to play their part in achieving this goal while harnessing climate action as a driver of innovation, competitiveness, risk management and growth.

Companies can develop targets via the Science Based Targets initiative (SBTi). The SBTi is a collaboration between CDP, World Resources Institute (WRI), the World Wildlife Fund for Nature (WWF) and the United Nations Global Compact (UNGC).

How companies can engage in this initiative:

Companies wishing to make this commitment are asked to follow the steps outlined below:

Submit a commitment letter, indicating that your company will work to set a science-based target.
Develop a target: Once your company signs the commitment letter you will have up to 24 months to develop a target that aligns with the SBTi criteria for science-based targets. The initiative supports companies by providing methods and resources for target setting, as well as a sectorial decarbonization tool (SDT).
Submit your target for validation: Once your target has been developed, you can fill out and submit the target submission form for assessment against the criteria.
Announce the target: On confirmation that the SBTi criteria are met, your target will be showcased on the SBTi website, the We Mean Business coalition website and across a number of partner platforms.

Net-Zero 2050

The Net-Zero 2050 Team is a leadership group of CEOs and their companies, who are working together to accelerate the just transition to net-zero greenhouse gas emissions by 2050. They each have committed to set a science-based target, and further pledge to phase out all greenhouse gas emissions by January 1, 2050. They also pledge to use their influence to advocate for policies that support an economy-wide transition to net-zero greenhouse gas emissions by 2050.

The Net-Zero 2050 pledge is formally recognised as part of the We Mean Business coalition’s Take Action campaign and is a collaboration with the Science Based Targets initiative.

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Science Based Targets website

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The Business Case

1. Increasing innovation

Overall, I think people are now more willing to try new things to help drive towards the target: it has created a ‘start-up mentality’.”Amy Braun, Sustainability Director, Kellogg Company

2. Strengthening investor confidence

The Global Investors Coalition on Climate Change, which represents US$24 trillion in assets, expects companies to have climate change strategies in place. More than 800 investors now request disclosure through CDP.

Investors are taking note of how serious companies are about mitigating business risks relating to climate change. A case in point: a major Fortune 100 financial services organization and retirement provider doubled its stock portfolio investment with HP, thanks in part to our commitment to set science-based targets.” Nate Hurst, Chief Sustainability and Social Impact Officer, HP Inc

3. Reducing regulatory risk and uncertainty

US$27.5 trillion, or 93 percent of US equities by market capitalization are significantly affected in some way by climate risk. 64 international jurisdictions already have carbon taxes or emissions trading systems – covering 13% of global GHG emissions.

Our target puts us in a good position vis-à-vis government regulation. We are fully compliant with the UK government’s existing targets, and would be well placed were they to introduce more stringent regulation for companies.”Tom Byrne, Energy Manager at Landsec

4. Cost savings

The energy efficiency actions we have already taken over the last 4 years, which will help reduce our emissions, have saved US$500 million and there are more savings to come.”Jack McAneny, Director of Global Sustainability, P&G

5. Customers embrace it

Large corporate power customers are also starting to react positively to our strategy as there’s increased alignment with their strategies. This initiative differentiates us from other companies in the sector, clarifies our position as a leader and allows fruitful dialogue with customers.”Sara Goulartt, deputy director of Climate & Environment from the Corporate Sustainability Office, EDP