SBTi Monitoring Report 2023
The SBTi Monitoring Report 2023 highlights key trends in companies and financial institutions setting science-based targets, along with the SBTi’s major updates and publications during the year.
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February
Completion of the executive leadership team with the appointment of a Compliance Director
On its path to becoming a voluntary standard-setter, the SBTi created a compliance department which oversees the obligations of the SBTi, headed up by a Compliance Director who joined from an independent third-party standards-based certification scheme.
April
Publication of the Interim 1.5°C Aviation Pathway
The Interim 1.5°C Aviation Pathway is designed to harmonize existing sector guidance with the SBTi’s current criteria. It allows aviation companies to meet the minimum ambition levels required by the criteria, and provides a short-term, accessible option for them to set science-based net-zero targets.
June
First meeting of a Technical Council
The independent Technical Council oversees technical decision-making at the SBTi, approves standards and other normative documents as per their Terms of Reference. Minutes of all meetings are made available on our website.
SBTi incorporated as an independent entity in its own right
The SBTi is recognized by the Charity Commission for England and Wales by year end.
July
Commitment compliance policy grace period ended
A new policy to mark expired commitments as removed on the SBTi database had a galvanizing effect, motivating some to submit targets for validation. Companies have two years to set targets after making a commitment, after which time their target is marked as removed, but they are still welcome and encouraged to submit a target for validation at any time.
September
Announcement on the SBTi’s transformation as an independent entity
This included plans for a separate validation services entity and the appointment of a Board of Trustees.
Publication of Steel Guidance
Steel, a heavy emitting sector accounting for up to 9% of global emissions, had its first science-based decarbonization target framework published, critical because of how essential it is for manufacturing, construction, infrastructure, transportation and renewable energy technologies including solar panels and wind turbines.
November
Announcement of change to the SME definition
The definition was updated to align with CSRD in Europe. The change came into effect on January 1st.