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illuminem summarizes for you the essential news of the day. Read the full piece on ESG News or enjoy below:
🗞️ Driving the news: The Science Based Targets initiative (SBTi) has launched a new framework aimed at decarbonizing the building sector by 2030
• This framework mandates no new fossil fuel installations and a 50% reduction in emissions, covering both operational and embodied emissions
🔭 The context: The building sector accounts for over 25% of global energy-related emissions, significantly contributing to climate change
• The SBTi's guidelines align with the 1.5°C target, offering a science-based pathway to reduce emissions, in collaboration with the Carbon Risk Real Estate Monitor (CRREM)
🌍 Why it matters for the planet: Decarbonizing the building sector is crucial for mitigating climate change impacts
• The new framework encourages sustainable practices, aiming to retrofit existing buildings and promote net-zero construction, essential for reducing the global carbon footprint
⏭️ What's next: Companies and financial institutions in the building sector are urged to adopt these science-based targets immediately
• SBTi will hold global webinars on October 17 to provide further insights and support stakeholders in implementing these criteria
💬 One quote: “This sector now has the tools to build towards net-zero—companies and financial institutions must take immediate action,” said Alberto Carrillo Pineda, Chief Technical Officer of the SBTi
📈 One stat: No new fossil fuel installations and a 50% emissions reduction target by 2030 are central mandates of the new SBTi framework
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