Have Your Say on the Chemicals Sector’s Path to Net-Zero – Join SBTi’s Public Consultation Today!
12th Nov 2024
The Science Based Targets initiative (SBTi) has released its updated Chemicals Sector Target-Setting Criteria Draft for a second round of public consultation and is calling on global experts to weigh in.
Chemicals are used in 95% of the products that we use day to day - from pharmaceuticals to plastics, electronics to clothing. With the vast majority made from fossil fuel feedstocks, the chemicals industry contributes a significant 5% of global CO2 emissions, making it the third highest industrial emitter worldwide. Decarbonizing the sector is key to achieving net-zero, protecting our health, environment and economy.
To provide a framework for chemical organizations to understand how fast and how much they need to decarbonize to prevent the worst effects of climate change, the SBTi has revised its Chemicals Sector Criteria Draft following a detailed review of responses from its first public consultation and is now inviting further feedback.
The SBTi is looking for expert input to shape the next phase of criteria development, including pilot testing and final release, in line with its Standard Operating Procedure (SOP) for Development of SBTi Standards.
Stakeholders across the chemicals industry, finance, academia and civil society are encouraged to participate in this consultation, running from November 12, 2024 to January 10, 2025.
A table summarizing the key changes made to the draft criteria can be found below.
A more detailed list of revisions can be found in the Main Changes Document.
Next steps
Following this second public consultation, the SBTi will conduct a thorough review and consider the feedback received to move forward with the development of the Chemicals Sector Target-Setting Criteria Draft. A public call will be issued for relevant companies to voluntarily support pilot testing the implementation of the Criteria and Target-Setting Tool Drafts, to be held following the second public consultation period.
When the final criteria is released, the Project Team will provide a summary of the development process, including key issues raised and how they were addressed.
Get involved today
Expert input plays a critical role in shaping SBTi’s standards. By gathering feedback from a diverse group on key decarbonization opportunities and challenges, the SBTi is able to develop robust and practical resources that support corporates in setting science-based emissions reduction targets in line with what is needed to keep global heating below catastrophic levels.
Now is your chance to help shape the transformation of one of the world’s most carbon-intensive industries.
For more information, visit the chemicals sector page, sign up to SBTi’s newsletter and follow the SBTi on LinkedIn and X.
