Boost your CDP scoring by submitting science-based targets before 15 April, 2017
By Nicole Labutong, Technical Manager – Scoring, CDP
More and more investors now research whether companies are taking action to mitigate climate-related risk by requesting disclosure through CDP before committing to invest. Last year, CDP started scoring science-based targets in its Climate Change Questionnaire. The aim of this was to incentivize companies to set science-based targets and by doing so, achieve the next level of performance in emissions reductions.
If companies set a science-based target and submit it for an official validation by midnight UTC -12 on 15 April, 2017 to the Science Based Targets initiative, then the results of the approval process will be captured in the CDP Climate Change Questionnaire for the 2017 scoring cycle. Companies that pass the validation demonstrate best practices in target setting and achieve leadership points in the CDP 2017 Climate Change questionnaire. The leadership level is the highest tier of points companies can earn in CDP’s scoring system.
Why science-based targets?
Companies need to ensure any action they are taking or planning to take to cut their greenhouse gas emissions, is in line with climate science. They can do this by setting a science-based target. Science based-targets provide companies with a clearly defined pathway to future-proof growth by specifying how much and how quickly they need to reduce their greenhouse gas emissions.
Hundreds of the world’s biggest companies – with a combined market value of over $4.8 trillion – have now committed to set targets through the Science Based Targets initiative. Ambitious targets like these have benefited companies in various ways including increased innovation, reduced regulatory uncertainty, strengthened investor confidence and improved profitability and competitiveness.
Why is validation of science-based targets required?
CDP considers the Science Based Targets initiative to represent the most comprehensive and authoritative source on setting and assessing targets in line with climate science.
Importantly, targets that did not pass the Science Based Targets initiative’s review process or that have not been submitted for review prior to the deadline will still be evaluated using information disclosed in CDP’s questionnaire and can still qualify for leadership. Please note that from April to June, we expect high volumes of targets submitted to the initiative for CDP scoring and those will be given priority in terms of when targets are assessed.
Find out how to submit your target to the Science Based Targets initiative.