The Net-Zero Standard and Carbon Removals
24th Nov 2022
Climate science shows that, in order to limit warming to 1.5°C, deep and urgent decarbonization must take immediate priority. However permanent carbon removals will also be necessary in the longer-term to counterbalance the impact of any emissions that cannot be eliminated.
The SBTi is committed to helping to build a robust framework for net-zero target setting through our Net-Zero Standard. We therefore welcome the letter from Carbon Plan and its partners, which includes both praise and recommendations for the Standard.
In line with the scientific consensus about the need for rapid and profound decarbonization, Version 1 of the Net-Zero Standard is focused on incentivizing emissions abatement within company value chains. This is consistent with the scientific consensus and with emerging best-practice including recommendations from the UN-appointed High Level Expert Group on Net-Zero Commitments.
The Standard also makes clear that neutralization - removals after abatement - and beyond value chain mitigation (BVCM) - removals and reduction outside of company value chains - are crucial for achieving net-zero. But they must be prioritized after value chain emissions reductions.
We recognize the need to develop more detailed guidance on neutralization and BVCM and our technical team is already making progress in both areas. They will review the recommendations from Carbon Plan and other stakeholders as part of our research to develop further guidance and for future updates to the Net-Zero Standard. More details will be released in 2023.
Feedback can be shared for consideration by our team by emailing [email protected].