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. By early 2020, the SBTi will add a 1.5°C-aligned pathway for the power sector to the existing SDA method, providing power companies with the option of submitting 1.5°C-aligned targets for assessment by the SBTi.
CDP is the managing SBTi partner, with Navigant providing technical support.
Additionally, the SBTi will launch a second phase of power sector-specific work, which will entail additional consultation opportunities and will result in the publication of sector-specific target-setting resources and guidance.
The first phase of the project is limited to the selection of 1.5°C-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 by March 2020, enabling companies to submit 1.5°C-aligned targets for assessment by the SBTi.
A timeline of the second phase of the project will be made available by April 2020.
A stakeholder consultation will be convened to gather feedback on proposed approaches to selecting 1.5°C-aligned scenarios and potential, minor adjustments to the SBTi’s assessment criteria. Consultants and company representatives interested in attending may contact Elena Stecca ([email protected]);
Separately, the SBTi will consult with the Scientific Advisory Group to ensure consistency between selected 1.5°C pathways and the most recent science.
A more in-depth consultation process for the second phase of work will be made available by April 2020.
Alberto Carrillo Pineda, Director of Science Based Targets, CDP