· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below:
🗞️ Driving the news: The Science Based Targets initiative (SBTi) is criticized for stifling corporate climate action by delaying guidance on using carbon credits for net-zero targets
• This slow approach is seen as a hindrance amid the increasing urgency of the climate crisis
🔭 The context: SBTi was established post-Paris Agreement to ensure corporate climate strategies are academically grounded and peer-reviewed
• While it has successfully engaged thousands of companies in emission reductions, its hesitance on carbon credits is causing corporations to delay climate finance
🌍 Why it matters for the planet: Rapid guidance from SBTi is crucial to meet climate goals
The climate crisis has intensified, requiring not just emission reductions but also significant carbon removal
• Delays in guidance can impede corporate efforts to finance climate action and innovation in carbon removal technologies
⏭️ What's next: Stakeholders are calling for SBTi to issue carbon credit guidance by Q4 2024, rather than waiting until late 2025
• Swift action is necessary to prevent further delays in corporate climate investments and ensure continued progress towards global climate targets
💬 One quote: "We are deeply concerned about the negative climate impact of waiting another 18 months for decisive guidance," said Brennan Spellacy, CEO and co-founder of carbon credit platform Patch
📈 One stat: A recent report found that carbon credit buyers spend three times more on emissions reductions and are 1.3 times more likely to engage suppliers than companies not participating in the voluntary carbon market
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