Target Submission Updates Effective from May 1st
25th Apr 2023
The Science Based Targets initiative (SBTi) is making a range of updates to the science-based target submission process. These updates will be in effect from May 1, 2023. Companies that wish to submit targets following this date should ensure they are using the latest resources and following the updated process.
The changes we have made are detailed below:
Updated submission form
New versions of the SBTi near-term and net-zero submission forms were published on our Resources page in March 2023. From May 1, 2023, companies must use these forms and submit additional information regarding FLAG (Forest, Land, and Agriculture) activities. This information will help companies and the SBTi validation team to determine whether FLAG targets are required in addition to the usual emission reduction targets.
Legacy versions of the forms will not be accepted following May 1, 2023.
Companies that are required to set FLAG targets must submit these alongside their emission reduction targets. FLAG targets are not offered as a standalone validation. The price for FLAG target validation is $7,500, in addition to the cost of the other validation service(s).
Our FLAG Getting Started Guide is a great resource to help you understand if you fall into these categories, what to submit, and how much it will cost. Companies setting FLAG targets should note that the FLAG Annex I is required in addition to the standard submission forms for FLAG target validation.
FLAG targets do not apply to companies classified as a Small & Medium Enterprise (SME).
Fee Waiver Criteria
In order to qualify for a fee waiver, companies must now report yearly gross revenue of under $1 billion USD in addition to being headquartered in a developing country or economy in transition as defined by the United Nations Secretariat’s Department of Economic and Social Affairs. As always, we encourage companies to pay the nominal service fee if financially viable, in order to reserve the exemption for companies that would benefit most from the waiver. This waiver is not offered to financial institutions.
Refer to our latest Target Validation Service Offerings for more information.