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CEO of SBTi steps down amid battle over offsets

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on The Wall Street Journal or enjoy below:

🗞️ Driving the news: Luiz Amaral, CEO of the Science Based Targets initiative (SBTi), is stepping down following controversy over the organization's consideration of carbon offsets as a method for companies to meet climate goals

🔭 The context: SBTi, which validates corporate climate targets, faced backlash after announcing it might include carbon offsets in its toolkit
• Critics argue that many offsets are ineffective and do not genuinely reduce emissions, with some internal dissent within SBTi itself

🌍 Why it matters for the planet: The debate over carbon offsets highlights the challenges and disagreements in defining effective climate strategies
• Ensuring rigorous and genuine emissions reductions is crucial for meeting global climate targets

⏭️ What's next: SBTi remains in consultation on the offsets issue, with no final decision made. Susan Jenny Ehr, currently chief legal officer, will serve as interim CEO while the organization seeks a permanent replacement for Amaral

💬 One quote: "I remain steadfast in my belief in the importance, the impact and the promising future of the SBTi," said Luiz Amaral

📈 One stat: Over 5,000 companies have had their climate targets validated by SBTi, with more than 3,000 others pledging to do so

Click for more news covering the latest on corporate governance and carbon market

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