I WORK FOR AN SMALL OR MEDIUM SIZED ENTERPRISE. HOW CAN MY COMPANY JOIN THE CALL TO ACTION?
On April 15, 2020, the Science Based Targets initiative launched a special, streamlined target validation route for small and medium-sized enterprises (SMEs). If your company is a non-subsidiary, independent company which employs fewer than 500 employees, here’s how to set a science-based target: Complete the Target Setting Letter for SMEs and submit a Word version of the form via email to [email protected]. Please note that a one-time target validation fee of USD 1,000 (+ applicable VAT) applies.
SMEs that committed to the SBTi before April 15, 2020 can submit their targets using the standard target validation process until July 15, 2020. After this date, they must use the Target Setting Letter for SMEs.
If your company is an SME and the SBTi has already approved your science-based target, the approved target will remain valid. However, if you wish to resubmit or update your target, you must use the Target Setting Letter for SMEs after July 20, 2020.
HOW IS THE ROUTE FOR SMES DIFFERENT? WHY IS THERE A SPECIAL ROUTE FOR SMES?
The SBTi’s streamlined route for SMEs enables them to bypass the initial stage of commiting to set a science-based target and the standard target validation process. SMEs can immediately set a science-based target for their scope 1 and 2 emissions by choosing from one of several predefined target options. Unlike larger companies, the SBTi does not require SMEs to set targets for their scope 3 emissions; however, SMEs must commit to measure and reduce their scope 3 emissions.
The SBTi introduced this expedited options for SMEs because smaller companies often lack the resources and capabilities needed to set scope 3 targets and monitor progress against them. The SBTi’s speedy and simplified approach for SMEs balances the need for them to take account of emissions across their value chains without imposing too great a burden on them.
Like larger companies using our standard target validation route, SMEs are required to complete a recent, comprehensive greenhouse gas emissions inventory following the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard and Scope 2 Guidance. They are required to publicly report their company-wide scope 1 and 2 GHG emissions inventory and progress against published targets on an annual basis.
MY COMPANY SUBMITTED A TARGET USING THE SPECIAL ROUTE FOR SMESs. WHEN WILL IT BE PUBLISHED?
Targets submitted through the dedicated route for SMEs will be automatically approved and posted to the SBTi website, pending due diligence review and payment. Companies will be sent a communications welcome pack and will be able to use the SBTi logo on their website and in company communications.