Measurement, reporting and verification (MRV)
The revision of the SBTi’s Corporate Net-Zero standard includes work on measurement, reporting and verification (MRV) of science-based targets.
About this work
The SBTi has enabled thousands of companies and financial institutions (FIs) to set validated, science-based emissions reduction targets. It is now essential to develop and implement accountability mechanisms to ensure that businesses deliver on their ambitious targets.
The SBTi has been conducting research into accountability mechanisms over the past few years. As a result, the major revision to the Corporate Net-Zero Standard will include an enhanced MRV framework aimed at increasing transparency and accountability of science-based targets. It will especially focus on:
- Continuous improvement: Introduction of systematic monitoring over target cycles towards net-zero.
- Performance-based renewal: Assessing target achievement as part of a regular review cycle and how to update targets based on previous performance. The standard will include guidance on the types of interventions enable entities to make credible decarbonization claims.
- Enhanced measurement and reporting requirements: Accounting and disclosure of progress against targets in a transparent and consistent manner. This will involve improvement of data quality over time.
Further information on the objectives, timelines, development process and stakeholder engagement opportunities can be found in the terms of reference of the major revision to the Corporate Net-Zero Standard.
The development of the Corporate Net-Zero Standard Version 2.0 is being conducted according to the Standard Operating Procedure for Development of SBTi Standards (SOP).
The SBTi is undertaking this work in collaboration with an Expert Advisory Group (EAG). The MRV EAG is composed of technical experts from a diverse range of organizations and backgrounds. These advisors provide technical advice to support the project’s outputs. The following individuals are part of the EAG:
Aisha Rodriguez, VCMI
Andres Chang, Greenpeace USA
Ashwin Joshi, BlackRock
Chidi Oti Obihara, Project Drawdown.org
Christina Swanson, retired
Emma Littlewood, Green Element & Compare Your Footprint
Erik Björke, Climate Group
Erin Laude-Durham, Jacobs
Fouad Khan, Deloitte
Helen Droz, MSCI
Holger Hoffmann-Riem, Go for Impact
Jannik Giesekam, University of Strathclyde
Junfeng Zhao, GSG
Kae Takase, Renewable Energy Institute
Kevin Treco, Lloyds Banking Group
Kyra Appleby, Climate champions team
Lia Nicholson, Terrascope
Marta Iglesias, The Carbon Trust
Mary Stewart, Energetics
Natasha Matic, Global Commons Alliance Accountability Accelerator
Paola Delgado Luna, Science Based Targets Network
Peggy Kellen, Center for Resource Solutions
Ronan Hodge, Glasgow Financial Alliance for Net Zero
Simone Kramer, Net Zero Data Public Utility
Sven Lundie, ERM
Tanja Havemann, Clarmondial
Thapelo Letete, Zutari
Research Paper with EY
In November 2023, the SBTi released the research paper ‘Landscape analysis: Measurement, Reporting and Verification of Science-Based Targets’ which maps the existing landscape and identifies current leading practices of MRV. This work has been co-authored with EY.
Effectiveness of the Use of Environmental Attribute Certificates in Corporate Climate Targets
The SBTi held a call for evidence on the use of different instruments to support corporate decarbonization. Following analysis of the information gathered, the SBTi published an Evidence Synthesis Report on Carbon Credits, the first of four synthesis reports aimed at informing whether different instruments can credibly drive decarbonization and support corporate emission reduction claims.
Reporting progress against science-based targets
Current SBTi Criteria states that companies shall publicly report their company-wide GHG emissions inventory and progress against published targets on an annual basis. The Corporate Net-Zero Standard introduces comprehensive reporting guidance to enable transparent disclosure.
For companies disclosing their science-based targets through the CDP Climate Change Questionnaire, please refer to the CDP Technical Note on Science-Based Targets. Visit the CDP dedicated webpage on the Science Based Targets initiative (SBTi) for more information.
For enquiries about the MRV project, email the team at info@sciencebasedtargets.org.
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