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illuminem summarizes for you the essential news of the day. Read the full piece on Trellis or enjoy below:
🗞️ Driving the news: The Science Based Targets initiative (SBTi) has delayed its Corporate Net Zero Standard 2.0 update again, missing its initial end-of-2024 deadline
• To refine the standard, SBTi has launched an application process for five expert working groups and will also gather public feedback via an online survey
• The revised standard aims to be "effective and actionable" while maintaining climate ambition
🔭 The context: The update process comes amid internal controversy, including backlash over a proposal to allow carbon credits for Scope 3 emissions and the resignation of SBTi’s CEO in July 2024
• The organization’s governance requires reviewing standards every two to five years, and many companies are nearing the end of their first interim target cycle
• Meanwhile, the International Organization for Standardization (ISO) is developing a competing net-zero standard, set for release by the end of 2025
🌍 Why it matters for the planet: SBTi is a key global authority for corporate net-zero targets, guiding thousands of companies in setting emissions goals
• Delays and internal disputes raise concerns about its credibility, potentially slowing corporate climate action
• Alternative standards, such as ISO’s upcoming net-zero framework, may challenge SBTi’s dominance.
⏭️ What's next: Applications for the SBTi working groups close on February 28, with the first consultation phase beginning no earlier than March
• The public comment process will last at least 60 days, with a final standard expected later in 2025
• Companies may face shifting requirements as competing net-zero frameworks emerge
💬 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: As of February 7, 1,654 companies are listed as "committed" to SBTi’s net-zero standard, while 1,563 have set official net-zero targets
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