Tag: SBTi

ALDI SOUTH Group among the first global grocery retailers to set science-based net-zero targets

Stuart Mitchell

The ALDI SOUTH Group reaches a significant milestone after gaining SBTi approval of new emissions reduction goals. The company now stands as one of the first global grocery retailers to have set science-based Scope 3 net-zero and FLAG greenhouse gas emissions targets, alongside our new 2030 commitment. The Science Based Targets initiative (SBTi), a collaborative body designed to independently assess and promote best practices in science-based target setting, assessed and validated the ALDI SOUTH Group’s new emissions reduction goals following an extensive review. With these ambitious new goals, the ALDI…

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The SBTi Corporate Net-Zero Standard revision expanded to refine approach to neutralization

Stuart Mitchell

The SBTi’s Corporate Net-Zero Standard provides the guidance and tools companies need to set science-based net-zero targets. Version 1 of the Standard was first published in 2021. It states that once companies have achieved their long-term emission reduction target, they must neutralize any residual emissions through permanent removal and storage of CO2 from the atmosphere. The SBTi is currently revising this flagship Standard and has today released an updated project terms of reference with minor adjustments, including the intention to refine the approach to neutralization. The SBTi intends to clarify…

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Ocado Retail’s Net-Zero targets validated by the Science Based Targets initiative

Stuart Mitchell

Ocado.com, the world’s largest dedicated online supermarket, operated by Ocado Retail, is amongst the first grocery retailers to have SBTi-validated targets including those originating from forests, land and agriculture (FLAG). The Science Based Targets initiative (SBTi), a global body enabling businesses to set ambitious emissions reductions targets in line with the latest climate science, has approved Ocado Retail’s near-term and Net-Zero science-based targets. Our Near-Term Targets: Energy and Industrial:○ Reduce absolute scope 1, 2 and 3 greenhouse gas emissions 42% by FY2030from a FY2021 base year○ Active annual sourcing of…

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SBTi releases technical publications in an early step in the Corporate Net-Zero Standard review

Stuart Mitchell

The Science Based Targets initiative (SBTi) is publishing four technical outputs as an early step in the process for the revision of the SBTi Corporate Net-Zero Standard. The SBTi announced the timeline and published the Terms of Reference for the review of the Corporate Net-Zero Standard in May 2024, ensuring that the Standard continues to align with the latest scientific thinking and best practice, and addresses challenges related to scope 3 target setting. Scope 3 emissions make up 75% of the average company’s footprint – and are the major challenge…

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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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