More than 8,060 organisations worldwide have recognised the significance of aligning their carbon reduction targets with the Science-Based Targets initiative (SBTi). In today’s sustainability landscape, utilising SBTi is not just an option but a strategic imperative to enable comprehensive business benefits. However, mastering the complexities and nuances of the framework is essential to unlock these advantages.
With Positive Planet, we help you align your business with SBTi, navigating through the intricacies, so you can develop a clear understanding of the framework, and be confident that your submission will be well received and accepted by the initiative.
What is the difference between Net Zero and SBTi?
SBTi
SBTi-verified targets are voluntary as well, but they are crafted to align with up-to-date scientific research that has been developed to prevent climate change. They are supported with direct sector guidance for setting strong emission reduction targets. It provides a comprehensive framework for establishing and verifying targets, ensuring consistency and comparability across various organisations.
Net Zero
The primary objective of Net Zero targets is to achieve at least a 90% reduction of emissions by 2050, however, this is not always the most effective target-setting method to achieve net zero. In order to mitigate the consequences of climate change the world population would need to work together to make Net Zero a possibility.
Net Zero commitments are voluntary, enabling organisations to adopt tailored strategies according to their unique circumstances and priorities. This flexibility encourages innovation and adaptation in efforts to reduce emissions as companies can set in correlation with their business position, performance, and financial situation.
SBTi: Introduction to the initiative
What does the SBTi do?
SBTi provides a credible framework based on the latest climate science, ensuring targets are meaningful and impactful. They help businesses align carbon reduction pledges with research-backed data to create goals that are achievable in line with international targets to limit global warming.
After an organisation submits their targets through the SBTi system, the SBTi team reviews and validates them. This process ensures that the targets are consistent with the goals to limit global warming. Guidance is tweaked based on the sector and industry goals to have the best chance of achieving the wider Net Zero targets.
SBTi’s Vision
The SBTi is a global collaboration between some of the biggest players in the sustainability space, including CDP (Carbon Disclosure Project), the United Nations Global Compact, the World Resources Institute (WRI), and the Worldwide Fund for Nature (WWF). These organisations have come together to create an industry framework to bridge the gap between climate science and target setting.
What are the benefits of setting SBTi targets?
Setting science-based targets offers companies numerous benefits, including, resilience against regulatory changes, increased innovation, a competitive edge, reduced risk, meeting stakeholder and client demands, and establishing market leadership, all contributing to sustainable growth and success in a rapidly evolving market landscape.
Other business benefits include:
The ability to win new business: Sustainably marketed products grow 5.6 times faster than their non-sustainable counterparts, making generating revenue an easier task.
Enhancing brand reputation: One-third (34%) of consumers stated that their trust in brands would be improved if they were recognised as an ethical/sustainable provider by an independent third party.
Increasing brand value: Ethical products typically increase brand value by up to 30% by improving consumer and stakeholder confidence.
Identification of cost-saving opportunities: Ethical products have been known to reduce supply chain costs by up to 16%.
SBTi: Target approval with Positive Planet
Positive Planet consultants specialise in SBTi submission and can work alongside you through the planning and validation process to ensure the individuals involved are aware of SBTi requirements and how they can achieve verification from the initiative. Positive Planet can add value in several ways when supporting businesses with SBTi submissions.
1. Simplifying the SBTi Space
By making the, sometimes complex, SBTi framework accessible and manageable for organisations, Positive Planet helps break down complicated concepts and processes, driving a streamlined and informed pathway towards your business’s SBTi alignment.
2. Personalising the Project Approach
Each step of your SBTi alignment process can be tailored based on your needs. The approach to each project is met with a personalised strategy. By taking the time to understand all levels of your organisation, Positive Planet can craft customised solutions and address your challenges head-on, ensuring a successful project.
3. Providing Sustainability Expertise
Our sustainability consultant’s passion and expertise in carbon measurement and reduction strategies will empower different organisations to set impactful targets and drive change. From data collection to target setting, the team will help you make informed decisions that will have a positive effect on your sustainability output as well as building your own understanding of what good sustainability practice is.
4. Managing the Health of the Project
With only a small number of sustainability programmes making it from intent to action, navigating the sustainability space along with other business challenges can be complex. Positive Planet understands this reality well. With your dedicated Project Manager, the health of the project will be closely monitored and maintained up to a great standard, and communication will be kept consistent throughout our collaboration to add value to your experience.
5. Handling the Target Approval
Beyond submission, Positive Planet supports businesses through the target approval phase of the framework, navigating the communication with SBTi’s team and ensuring successful alignment with their carbon reduction targets to enable SBTi verification
How can Positive Planet support the submission?
Positive Planet offers comprehensive support for organisations seeking to align their carbon reduction targets with the SBTi. By handling the logistical aspects of the process, we relieve clients of administrative burdens, allowing them to focus on core business activities while ensuring compliance with SBTi requirements to deliver your sustainability commitments. Your dedicated consultant will simplify the complexities of the SBTi framework and tailor each step of your journey to your specific requirements with hands-on support to help you harness the business benefits of engaging in SBTi.
Our sustainability experts guide you through the submission process, and any recommendations received by the initiative are thoroughly analysed between consultant and client to encourage knowledge sharing and boost understanding before actions are made. This promotes a holistic approach to the validation process and means businesses can develop their own carbon reduction knowledge as their company looks to set science-based targets.
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