Measurement, reporting and verification (MRV)
The Science Based Targets initiative’s Progress Framework will advance our work on measurement, reporting and verification (MRV) of science-based targets.
Our Progress Framework will increase transparency and accountability of corporate climate action by enabling the assessment of progress companies and financial institutions are making towards achieving their science-based targets.
About the project
The SBTi Progress Framework aims to provide transparency and integrity in continuing to hold SBTi companies and financial institutions accountable for their climate targets. It will do this by providing a clear and standardized mechanism to assess, verify and enhance corporate accountability on progress towards science-based targets. The framework will give companies and financial institutions clear expectations and guidance on how to measure, report and verify progress against the achievement of targets.
The Progress Framework will expand the scope of the SBTi’s current target-setting framework from that of facilitating the adoption of ambitious targets to also allow for the demonstrating performance against these targets.
It will include the following elements:
- Technical Foundations will provide the technical details, overarching principles and methods for how the SBTi will assess progress against targets and achievement of science-based targets.
- Monitoring, Reporting and Verification Standard will provide the criteria and recommendations from the SBTi to companies and FIs regarding measurement and reporting of progress against science-based targets and their maintenance.
- SBTI MRV Protocol will outline the SBTi’s plan for assessing, incentivizing, and/or disclosing progress and achievement of science-based targets.
Why is the SBTi Progress Framework needed?
Progress reporting is integral to the credibility of companies and financial institutions’ science-based targets.
The SBTi Progress Framework aims to overcome current transparency and accountability challenges in the accountability landscape. It will do this by delivering a standardized accountability mechanism and methodology to assess progress and achievement of science-based targets. Furthermore, it aims to provide clarity to companies and financial institutions regarding what the SBTi considers best practice for tracking and reporting progress against approved targets for maximum transparency and comparability.
As a result, the SBTi Progress Framework will enable us to reinforce the trust and confidence in science-based targets through higher-quality data about companies' progress against targets.
Timeline
The SBTi aims to complete the development of the framework by COP28. A more detailed work plan and timeline will be provided when available.
Development process
The SBTi will take a transparent, collaborative approach to develop the Progress Framework. This will include consultation with an expert advisory group including representatives from academia, business, financial institutions, third party verifiers, NGOs and standard-setters.
The framework is planned to go through internal and external review, public consultation and a pilot phase before being finalized. Furthermore, to socialize the resources developed as part of this project, we envision joint capacity-building activities, including webinars and workshops with interested stakeholders.
More details of the development process will be published in early 2023. For updates, sign up to the SBTi’s newsletter.
Contact
- Emily Castro, MRV Senior Technical Manager, Science Based Targets
- Emma Borjigin-Wang, Senior Accountability Analyst, Science Based Targets
Email: [email protected]
