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The Science-Based Targets initiative (SBTi) has announced the launch of the first science-based framework for companies to set net-zero targets – the Net-Zero Standard. The purpose of this new Standard will be to emphasize the importance of decarbonization in corporate net-zero strategies.

Net-zero has risen to the forefront of efforts to avert severe climate collapse in the last few years. In 2019, net-zero commitments covered 16% of the global economy. But, the concept of net-zero, as well as the method to get there, is interpreted in a variety of ways, many of which are contradictory. This has resulted in a jumble of varying goals, with several emphasizing the ‘net’ portion of net-zero. The idea of net-zero has been heavily criticized as a result of this.

This is where the first science-based global standard for corporate net-zero targets enters. Ensuring that companies’ net-zero targets turn into action that is compatible with obtaining a net-zero world by 2050 and building a framework for reliable, science-based net-zero targets for the corporate sector. This new paper lays out the conceptual foundations for credible, science-based net-zero targets for the corporate sector.

How was the Net-Zero Standard developed?

The Net-Zero Standard was established through a stakeholder approach that was balanced, open, and inclusive. The SBTi reached out to interested individuals and groups ahead of time, giving a variety of updates and options to participate in the process. This includes the following:

What will be required by the Net-Zero Standard?

The Surge in Net Zero Targets

According to the latest report by the Intergovernmental Panel on Climate Change (IPCC), to limit global warming to 1.5°C above pre-industrial levels and avoid the most catastrophic impacts of climate change, the world must halve CO₂ emissions by around 2030 and reach net-zero CO₂ emissions by mid-century.

Recognizing the importance of keeping global warming to 1.5°C, companies are increasingly adopting net-zero climate targets. Between July 2019 and June 2020, over 230 companies committed to reach net-zero emissions as part of the Business Ambition for 1.5°C campaign, an urgent call-to-action for companies to set emissions reduction targets in line with a 1.5°C future. The campaign is led by the SBTi and backed by a global coalition of UN leaders, business organizations and NGOs.

Science-Based Targets with Cority

As a CDP Gold Accredited Software Partner, and an active supporter of the SBTi, Cority is championing science-based net-zero commitments and continues to encourage the adoption of science-based targets.

Cority’s award-winning Sustainability Performance Management software enables companies to acquire and manage the data needed to set Science-Based Target and Net-Zero Targets. In addition, Cority’s client services team provide clients with guidance on committing to and setting targets for their organizations. Once set, clients can use Cority’s Sustainability Performance Management software to manage and track progress against targets over time.

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Cority Software

Cority is the sustainable performance software company, helping customers transform operating risks into a performance advantage. Its flagship platform, CorityOne, merges deep industry expertise with intelligent software so customers can engage their workforce to see and prevent risks that impact people, the environment, and performance. For 40 years, Cority has been the trusted solution for thousands of organizations in operationally complex industries worldwide, including oil and gas, chemicals, food and beverage, utilities, manufacturing, and healthcare.

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