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illuminem summarizes for you the essential news of the day. Read the full piece on ESG Today or enjoy below:
🗞️ Driving the news: The Science Based Targets initiative (SBTi) has delayed the timeline for updating its Corporate Net-Zero Standard
• A public consultation on a draft standard will begin no earlier than March 2025, with a second consultation to follow
• The delay follows internal controversy over a proposed expansion of carbon credit use for Scope 3 emissions
🔭 The context: The SBTi's original Corporate Net-Zero Standard, launched in 2021, helps companies set science-based decarbonization targets
• In 2024, the SBTi proposed allowing environmental attribute certificates (EACs), such as carbon credits, for Scope 3 emissions, sparking internal backlash
• The organization has since appointed a new CEO, David Kennedy, and is reconsidering its stance on carbon credits
🌍 Why it matters for the planet: The SBTi plays a crucial role in setting corporate climate targets, influencing businesses worldwide
• Changes to its net-zero framework, especially regarding carbon credit use, could impact how companies address emissions reductions
• A transparent and scientifically rigorous standard is essential for ensuring real progress on corporate climate commitments
⏭️ What's next: The SBTi will establish Expert Working Groups to assess key topics, including carbon credit use, Scope 3 target-setting, and data verification
• Companies will still be able to set targets under the revised framework without duplicating work from the initial version
💬 One quote: “Reaching net-zero is never going to be straightforward. But the guidance to get businesses there should be.” — Tracy Wyman, Chief Impact Officer, SBTi
📈 One stat: The Science Based Targets initiative (SBTi) plans to begin public consultation on its revised Corporate Net-Zero Standard no earlier than March 2025, with the initial consultation lasting at least 60 days
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