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illuminem summarizes for you the essential news of the day. Read the full piece on Edie or enjoy below:
🗞️ Driving the news: The Science-Based Targets initiative (SBTi) has called out over 280 companies for not verifying their emissions reduction goals within the required two-year timeframe
• This action raises questions about whether these organizations are abandoning their climate commitments or facing unforeseen difficulties
🔭 The context: The SBTi provides a framework for companies to set science-based carbon reduction targets, aligning with the goals of the Paris Agreement
• Verification of these targets is crucial for credibility and tracking progress towards net-zero emissions. The recent naming and shaming by SBTi spotlight the challenges businesses face in meeting these ambitious targets
🌍 Why it matters for the planet: Verifying science-based net-zero targets is essential for ensuring corporate accountability in the fight against climate change
• The struggle of businesses to meet these verification requirements underscores the complexities of implementing and measuring effective climate actions, which are critical for global efforts to limit warming to well below 2°C
⏭️ What's next: The focus is now on how these companies will respond to the SBTi's call-out and whether they will take the necessary steps to verify their targets
• This situation may also prompt a broader discussion on how to support businesses in achieving their climate goals and the role of verification in ensuring transparency and progress
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