· 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: The Science Based Targets initiative (SBTi) has appointed David Kennedy, a corporate sustainability partner at EY and former director general at the U.K.’s Department for Environment, Food and Rural Affairs, as its new CEO
• Kennedy succeeds interim leader Sue Jenny Ehr and is set to take over in the second quarter of 2025
• His appointment comes amid scrutiny over SBTi’s consideration of allowing carbon offsets in emissions-reduction plans
🔭 The context: SBTi has helped thousands of companies globally validate climate targets, covering nearly 40% of global market capitalization
• However, its reputation has been challenged by internal debates on carbon offsets, leaked emails, and concerns from partner organizations
• Kennedy brings extensive experience, including founding the U.K.’s Committee on Climate Change, designing emission-cutting strategies, and establishing carbon budgets
🌍 Why it matters for the planet: SBTi’s credibility is critical for global climate action as companies rely on it to validate meaningful emissions-reduction targets
• Kennedy’s leadership will shape the organization's approach to carbon offsets and strengthen its role in driving corporate climate accountability
⏭️ What's next: Kennedy faces the challenge of restoring SBTi’s reputation, addressing internal concerns, and ensuring the initiative remains a trusted standard for corporate climate action
• His expertise in government and private sectors positions him to navigate these complexities
💬 One quote: “I admire the impact that SBTi has had, catalyzing action by thousands of companies around the world: It is an organization that really matters,” – David Kennedy, incoming CEO of SBTi
📈 One stat: Companies representing nearly 40% of global market capitalization have validated or committed to targets through SBTi
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