Tag: SBTi

The SBTi releases criteria updates to improve usability for financial institutions and increase near-term ambition to 1.5°C

Stuart Mitchell

The Science Based Targets initiative (SBTi) has unveiled a suite of revisions and new resources to enable financial institutions (FIs) to set ambitious near-term emission reduction targets. The changes include an increase in ambition to 1.5°C, the introduction of fossil fuel finance criteria and overall improvements for usability and clarity. The SBTi is hosting two webinars on 12 June 2024 where its experts will provide an overview of the new resources. The primary resource released is the Financial Institutions’ Near-Term Criteria Version 2.0 (FINT Criteria V2). A more detailed overview…

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Statement from the SBTi Board of Trustees on use of environmental attribute certificates, including but not limited to voluntary carbon markets, for abatement purposes limited to scope 3

Stuart Mitchell

In January 2024 the SBTi announced that work to revise its flagship Corporate Net-Zero Standard was a priority for 2024, and that this revision would include additional guidance on tackling scope 3 emissions. SBTi has carried out a wide consultative effort on this subject in the past six months and reported to the Board a summary of the call for evidence survey results. While recognizing that there is an ongoing healthy debate on the subject matter, SBTi recognizes that, when properly supported by policies, standards and procedures based on scientific…

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Co-op net zero targets validated by Science Based Targets initiative (SBTi) in a convenience retailer first

Stuart Mitchell

Co-op has become the first UK convenience retailer to have its net zero targets validated by the globally recognised Science Based Targets initiative (SBTi). SBTi – the global body that assesses corporate climate targets – has validated the leading convenience retailer’s ambitious near-term and overall targets to become net zero across its own operations by 2035, and entire value chain by 2040. Co-op, which operates 2,400 food stores across the UK, is also one of the first companies in the UK to set science-based targets for its forest, land and…

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The SBTi Enables Automakers to Align Emissions from Vehicles with 1.5°C

Stuart Mitchell

The Science Based Targets initiative (SBTi), an international organization enabling ambitious climate action from the private sector, has recently released an updated guidance for land vehicles, including a new method for automakers to set 1.5°C emissions reduction targets. For the first time, this updated guidance aligns automakers’ largest source of emissions – scope 3 category 11 ‘use phase’ i.e. those from driving vehicles – with 1.5°C, and includes a pledge to work towards the phase out of petrol and diesel for cars and vans by 2035 in leading markets including…

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Sainsbury’s accelerates its emission reduction commitments, validated by the Science Based Targets initiative (SBTi)

Stuart Mitchell

Sainsbury’s has revealed its ambitious new targets for decreasing its greenhouse gas (GHG) emissions. These have been verified by the Science Based Targets initiative (SBTi), the global body that sets requirements for and approves emission reduction targets. Back in 2020, Sainsbury’s was one of the first UK retailers to set SBTi validated targets. The retailer had previously committed to reducing its absolute scope 1 and 2 emissions by 50% by 2030 but has now pledged a 68% reduction within the same time frame*. Sainsbury’s scope 3 emission reduction target of…

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