Climate Week NYC Debrief with SBTi Interim CEO

Last week, I had the pleasure to join many others at Climate Week NYC. It was inspiring to talk with some of the most dedicated people fighting the climate crisis. Perhaps what struck me most was strong acknowledgement and awareness of the real risks that climate collapse poses to businesses around the world.

Take for example the two hurricanes that bookended Climate Week. Both storms intensified more rapidly than similar storms historically. Such intensity, frequency and scale points to a climate crisis. These extreme weather events are disruptive and devastating to businesses and communities. The time to act is now.

The SBTi’s mission is to enable ambitious climate action from the private sector. Climate Week NYC provided a valuable platform to discuss our mission with key stakeholders. I was consistently asked how the SBTi can help businesses to take accountability for their carbon emissions. There was a particular focus on the challenges around value chain (scope 3) emissions. That focus is consistent with what we’ve already been hearing from the private sector. In response to market feedback and the latest climate knowledge, we are exploring how to establish new principles to account for value chain emissions. This work is part of the larger effort to revise our flagship Corporate Net-Zero Standard, which is expected to enhance the impact of net-zero targets around the world. We aim to improve the target setting process for companies across the value chain and establish better ways of holding companies to account.

Many stakeholders shared that they think the SBTi is on the right path to drive ambitious science-based climate action through effective collaboration, enhanced interoperability and reduced complexity. I was especially impressed by the enthusiasm with which the Buildings Criteria (launched in August) was received. With so many homes needed across so many markets, it has been a very welcome addition to the suite of guidances, which include steel and cement.

Looking to the future, the SBTi has work to do as we finalize the demerger from our founding partners. We will focus on implementing the SBTi’s new structure as a UK-based charity that develops standards for science-based target setting with a subsidiary dedicated to target validation services for companies and financial institutions. Meanwhile, we are continuing to upscale operations to meet growth in demand. We’re also planning to pilot new approaches to standard-setting. Together with our work on the revised Corporate Net-Zero Standard and the new Financial Institutions Net-Zero Standard, we are progressing our work developing sector-specific standards, including for oil and gas.

Upon my return from New York, I’m excited to continue advancing corporate climate action with new and updated resources. While Climate Week may be over, our work to secure a 1.5°C future continues at pace.