MPP and the SBTi accelerate the decarbonization of high-emitting sectors
15th Sep 2022
The Mission Possible Partnership (MPP) and the Science Based Targets initiative (SBTi) have joined forces to scale corporate climate action in high-emitting sectors in line with 1.5°C.
This technical collaboration includes sectors such as aluminum, concrete/cement, chemicals, steel, aviation, shipping and trucking.
On 27 October, the SBTi and MPP will host a virtual event when the two CEOs will discuss the importance of this collaboration for companies in high-emitting sectors.
The Mission Possible Partnership (MPP) and the Science Based Targets initiative (SBTi) have formed a technical collaboration to enhance the compatibility of the SBTi Sector Projects and MPP Sector Transition Strategies, providing companies in high-emitting sectors with a simplified roadmap to scale climate actions and accelerate decarbonization in line with 1.5°C.
The technical collaboration will improve guidance to support companies in many high-emitting sectors through the target setting process and the development of transition strategies. The aim is to support these companies to achieve emissions reduction targets at the pace and scale required to align with the Paris Agreement.
High-emitting sectors play a critical role in accelerating the transformation to a net-zero economy and preventing the worst effects of climate breakdown. The seven sectors covered by this collaboration are responsible for over 30% of global greenhouse gas emissions, and some of them, as is the case of steel, are also being seriously affected by climate change.
Through this collaboration we have already begun co-developing an ambitious and technically robust methodology to provide more granular decarbonization pathways that are 1.5°C aligned for the iron and steel industry, taking into account the unique context of the sector. Similar to the iron and steel sector, the two organizations will aim to develop a closer technical collaboration on all other high emitting sectors as well.
Dr Luiz Fernando do Amaral, CEO of the SBTi, said: “The science is clear - we are already experiencing the impacts of climate change and the only way to prevent a catastrophe and ensure a habitable future is immediate and ambitious climate action. This means high-emitting sectors adopting the SBTi and MPP frameworks to their business models, and monitoring and reporting their own progress. Companies in these sectors have a responsibility and opportunity to drive urgent changes and enable a net-zero global economy.”
The combined expertise of these two initiatives will provide businesses with the clarity and confidence to set ambitious near- and long-term emission reduction targets in line with science. It will also guide them in the development of effective transition strategies to remain economically competitive, while demonstrating tangible sustainability commitments to increasingly-conscious investors.
Matt Rogers, CEO of MPP, said: “Engaging with more than 400 companies across our network within MPP, we have developed practical, industry-backed, and 1.5 degrees-aligned sector transition strategies for each of these seven hard-to-abate sectors. The good news is that the technologies exist today to reduce industry emissions before 2030 and these sector transition strategies can show us how. This technical collaboration between the SBTi and MPP will make it easier for leading companies to take action to accelerate the decarbonization of these key industrial sectors. The standardization of these operationally relevant pathways will make it easier for everyone to understand the progress made along the clear pathway to 1.5 degrees.”
Rapid and deep cuts to value-chain emissions are the priority for limiting global temperature rise to 1.5°C. Companies are also encouraged to make investments in high quality carbon removals outside of their value chains, however this does not count towards the achievement of science-based targets.
On Thursday, October 27 9:00am (ET), the SBTi and MPP will host a panel discussion where Chad Holliday, MPP Board Chair and Luiz Amaral, CEO of the SBTi will speak about the importance of this collaboration and how this alliance will support companies in high-emitting sectors to set ambitious, science-based targets and scale their climate impact. Businesses that have used the resources developed by both initiatives will also share how they have benefited from harmonizing both resources, what challenges they have faced, and how they have overcome them.
To cut emissions, strengthen investors' confidence and show leadership to achieve a net-zero economy, the solution is clear: companies in high-emitting sectors must set science-based targets and align with MPP Sector Transition Strategies.