Norvergence: Science-Based Targets initiatives or SBTi were introduced just before the COP26. Based on collaborative research by experts across industries, these guidelines keep science at the heart of measuring. 

In this article, read more about the SBTi and its significance. 

The need for SBTi 

Climate change is a severe crisis that brings about an impending catastrophe, the evidence of which is already being witnessed around the globe in the form of devastating flash floods, hurricanes, cyclones, incessant rain, droughts, and other disastrous occurrences. 

Alarm bells are ringing; the world is slowly acknowledging the impending crisis. Experts from across industries have put science to battle climate change, devising these standards to lay guidelines and setting a benchmark for the action against climate change.

What are SBTi 

Norvergence: SBTi is independently certifiable science-based standards that can gauge a company’s action towards achieving net-zero. It specifies and segregates short-term goals from long-term goals towards achieving the 1.5o target. 

The short-term goals define a path for the following 5 -10 years for a company. The long-term goals set a target of 2050 but no later than that. These goals include reducing greenhouse gas emissions by over 90%. 

These guidelines are science-based and specific. Companies that pledge their commitment towards achieving net-zero have a well-charted out plan to achieve it. The SBTi have set forth the mechanism needed to complete the targets mentioned above. 

To make it even more transparent, SBTi standards mean that the companies can’t declare that they have met net-zero targets until they don’t meet the guidelines set by the standards. 

Significance of SBTi 

Science-based: These standards lay down science-based targets. This means there is a logical and tangible guideline with specificity. 

Clarity: With the help of these standards, companies can get clarity of the approach they need to take. Specificity will make the companies follow a determined path to achieving net-zero. Moreover, since experts across industries have laid down these standards, they are realistically achievable.

Uniformity: There is a uniformity of approach with standards, making it a level playing field for all involved. Companies can collaborate to achieve a common goal of tangible action against climate change. 

Going forward 一 2022 and beyond

Norvergence: Increased adoption of SBTi. There is a keen interest in the SBTi. Companies like Wipro have adopted these targets. Seventy more companies have joined in by adopting SBTi and pledging their fight against climate change. 

Agriculture, forest, and land: FLAG or Forest, Land, Agriculture methodology has been introduced to devise action against climate change in these integral components. 

Measures beyond emissions. SBTi aims to introduce measures beyond just emission cuts for companies. Climate finance is a big part of action against climate change. Countries low on resources need help. Climate finance arranges for those needs. 

SBTi goes beyond just emission cut finance and facilitates climate finance. 

To Conclude

Norvergence: SBTi lays down specified, science-based, realistically achievable goals. With clarity and uniformity, companies can achieve climate change with purpose-driven, clear objectives that set a crystal clear path to attaining net-zero and beyond.