The power sector plays a key role in decarbonizing the global economy and meeting the goals of the Paris Agreement. A significant and growing fraction of final energy demand is met by purchased electricity, so efficiency improvements in electricity generation and delivery underly the emissions reductions of many other actors.
As of December 2019, nearly 30 power companies located in 18 countries have joined the Science Based Targets initiative by setting or publicly committing to set ambitious emissions reduction targets. In early 2020, the SBTi will add a 1.5C-aligned pathway for the power sector to the existing SDA method, providing power companies with the option of submitting 1.5C-aligned targets for assessment by the SBTi.
CDP is the managing SBTi partner with Guidehouse providing technical support.
Additionally, the SBTi is engaging with companies, experts, and stakeholders to assess the challenges faced by electric utilities to setting SBTs using existing methods and resources. The results of this scoping work may inform future work, such as the development of more extensive guidance and tools.
Initial work is limited to the selection of 1.5C-aligned pathways for the power sector that will be incorporated into the existing SDA method. Updates to the existing SBTi tool and an accompanying technical briefing will be available in March 2020, enabling companies to submit 1.5C-aligned targets for assessment by the SBTi.
A stakeholder consultation will be convened to gather feedback on the SBTi’s pathway requirements that will enable companies to optionally set targets with an increased ambition aligned with limiting warming to 1.5C. Topics covered will include a high-level explanation of the scenario/pathway used to determine minimum ambition aligned with 1.5C, as well as a discussion that is meant to guide future work including the potential use of sub-global (regional and country-specific) pathways, reporting boundary criteria, and additional guidance;
Separately, the SBTi will consult with the Scientific Advisory Group to approve consistency between selected 1.5C pathways and the most recent science;
Consultants and company representatives interested in attending may contact Elena Stecca ([email protected]);
5C-aligned target validation route publicly available for companies in the power sector;
Details of additional work based on scoping assessment to be shared.
Alberto Carrillo Pineda, Director of Science Based Targets, CDP