Climate Action Milestone: 6,000+ Companies Adopt Science-Based Targets
30th Aug 2024
The Science Based Targets initiative (SBTi) is celebrating two major target validation milestones. Tracy Wyman, SBTi Interim Chief Impact Officer, highlights these milestones and explores what’s next for the initiative’s flagship Corporate Net-Zero Standard.
The fight against climate change is a global one, which is why we strive to enable companies across all sectors and regions to set science-based emission reduction targets. Across continents and industries, organizations are getting their targets SBTi-validated in record numbers.
In fact, the number of companies with science-based targets has now surpassed 6,000, marking a major milestone for the SBTi and corporate climate action. This includes more than 1,000 net-zero targets, a number that has more than doubled in seven months.
Of the 6,000 companies with science-based targets, Professional Services was the sector with the most targets (681), with Electronic Equipment and Machinery in second place with 475. Notable participation also came from Software and Services (383) and Food and Beverage Processing (341).
Regionally, Europe leads with 3,123 companies setting validated science-based targets, followed by Asia (1,886) and North America (709). Japan has the most companies with science-based targets (1,165), followed by the UK and the United States, with 945 and 627 respectively.
More than 18% (1,112) of the 6,000 companies with validated targets used our Corporate Net-Zero Standard to set net-zero aligned targets. First launched in October 2021, this standard provides a science-based framework for companies to set both near- and long-term decarbonization targets in line with 1.5°C.
This pioneering standard marked a significant step forward, offering a robust methodology for companies to drive meaningful climate action. Its rapid adoption demonstrates commitment from businesses across various sectors and regions to tackling climate change through ambitious, science-based targets.
Looking ahead, we are currently revising this flagship standard in line with our Standard Operating Procedure, which requires a review of standards every two to five years. The update has four main goals: aligning with the latest scientific insights, tackling challenges with scope 3 emissions, enhancing continuous improvement, and improving integration with other standards.
As part of this revision, the SBTi is exploring innovative approaches to better account for scope 3 emissions. We recently released a discussion paper detailing these ideas and stakeholders are encouraged to provide feedback.
A draft of the Corporate Net-Zero Standard Version 2 will be released for public consultation in the coming months. In the meantime, companies should continue to use the current version to set their targets.
The need for robust, credible and ambitious climate action is more urgent than ever. The first 6,000 companies to set science-based targets have shown what is possible. We urge all organizations to follow suit and set emission reduction targets aligned with science. The time to act is now—our planet depends on it.
You can follow along as we continue developing new and updated SBTi standards on LinkedIn, X (formerly known as Twitter) and by joining our mailing list.
