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illuminem summarizes for you the essential news of the day. Read the full piece on Science Based Targets or enjoy below:
🗞️ Driving the news: The Science Based Targets initiative (SBTi) has announced a significant shift in their approach towards environmental attribute certificates, particularly in the context of abatement of Scope 3 emissions
• This comes after a consultative effort and consideration of voluntary carbon markets as additional tools in combating climate change
🔭 The context: SBTi has prioritized revising its Corporate Net-Zero Standard in 2024, focusing on Scope 3 emissions
• The initiative has engaged in extensive consultations over the past six months, gathering evidence and opinions on the use of environmental attribute certificates
🌍 Why it matters for the planet: This development acknowledges the complexity of Scope 3 emissions in corporate value chains and opens a new pathway for companies to contribute to decarbonization
• By setting specific guidelines and cooperating with other entities, SBTi aims to ensure that the use of these certificates supports genuine climate action and innovation
⏭️ What's next: SBTi plans to release a first draft of rules, thresholds, and guardrails for using environmental attribute certificates by July 2024
• This step involves further consultations and aims to clarify how these certificates can be responsibly used in Scope 3 emission reduction efforts
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