Introduction to Science-Based Targets

How do you set science-based targets? 

The first step any organisation should take is to measure its carbon footprint, which will create a baseline for the emissions of an organisation. The second step is to set science-based targets that demonstrate the intention to decarbonise operations in line with scientific consensus. 

What frameworks are there for setting science-based targets? 

The primary science-based target setting organisation is one of the same name: the Science Based Target initiative (SBTi). The SBTi is a privately-led and funded organisation which releases frameworks, such as the Net-Zero Standard, which can help guide companies on how to engage on the pathway to net zero. The Net-Zero Standard recommends setting near-term targets (for cutting down emissions at a rapid pace) and long-term targets (for harder-to-abate areas of an organisation, such as the use of company vehicles or scope 3 emissions).

What are the benefits of science-based targets? 

• Consumers increasingly value brands that are taking action in regards to their sustainability. The SBTi found that “79% of corporate executives surveyed found a strengthened brand reputation to be one of the most significant business benefits for their company”.
  
  
• Strong environmental policies provide investors with security for the future, especially with the net zero mandate in mind. Around half of executives report that their science-based target commitments have improved investors' trust in their business.
  
  
• Setting science-based targets can also be a way for a business to reinforce its resilience against upcoming carbon emissions regulation. It allows companies to align themselves with the Paris agreement and to risk-manage their strategy earlier.
  
  
• Setting science-based targets often drives corporates to rethink their products and services towards more circular lifecycles and low carbon products. The SBTi reports that two-thirds of executives say that setting science-based targets has driven innovation within their company.
  
  
• Many of the businesses that set SBTs are observing bottom-line savings linked to their environmental commitments, despite a common belief that shifting business models towards sustainability induces a higher cost.
  
  
• Getting a head start on the transition to a low carbon economy leads businesses to an undeniable competitive advantage on the market. Reduction of uncertainty, strengthened investor confidence, increased innovation and profitability as well as more forward-thinking and transparent communications are all factors that lead to a competitive edge.