What is a Science-based Emissions Reduction Target?
A ‘science based target’ is an emissions reduction target which is in line with the climate science to limit global warming to within 2 degrees of pre-industrial levels - and ideally within 1.5 degrees - by 2030. This is the science adopted within the Paris Agreement.
The SBTI initiative provides a methodology
A Science Based Targets initiative (SBTi) was setup by three leading institutes: the UN, World Resources Institute (WRI) and WWF. The SBTi provides a methodolgy for organisations to use when developing their target to ensure it is aligned with climate science.
Key components of a science-based target
The focus is on emissions reduction (not offsetting emissions through the purchase of carbon credits)
Reduction levels are aligned with limiting warming to 1.5C
Setting a 2030 emissions reduction target is the first priority. Other target dates can be set after this.
‘Aligning’ your target to SBTi
In New Zealand at the time of writing, 18 companies have signed up officially to SBTi, however there are many others following the guidance i.e. these organisations have set targets ‘aligned to SBTi’ without going through the official validation with the SBTi institute.
Reducing emissions by 42% by 2030
For those organisations setting a 2030 emissions reduction target, starting with a 2020 baseline, the annual emissions reduction that will need to be achieved will commonly sit at about 4.2% per annum using the SBTi methodology (industry specifics can change this) - so a reduction of 42% between 2020 and 2030.
Adopting a two-target approach
Best practice generally sees companies adopt a two-target approach: an absolute Scope 1 and 2 emission reduction e.g. 42% by 2030]; and a separate Scope 3 emissions reduction target.
There is more variation seen with Scope 3 emissions targets. This acknowledges the fact that some emissions are particularly difficult to reduce, and that companies are reliant on other parties (their suppliers) to act as well.
Wherever possible, companies should seek to reduce any emissions that they can exert a reasonable degree of influence over.