Science Based Targets Initiative names EY corporate sustainability partner as CEO

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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