{"id":23252,"date":"2021-11-04T02:20:07","date_gmt":"2021-11-04T02:20:07","guid":{"rendered":"https:\/\/northmoregordon.com\/?p=23252"},"modified":"2021-11-04T05:41:55","modified_gmt":"2021-11-04T05:41:55","slug":"sbti-launches-world-first-net-zero-corporate-standard","status":"publish","type":"post","link":"https:\/\/northmoregordon.com\/news\/sbti-launches-world-first-net-zero-corporate-standard\/","title":{"rendered":"SBTi Launches World-First Net-Zero Corporate Standard"},"content":{"rendered":"\n<p>Net-Zero Emissions is the buzzword of 2021 and, in the lead, up to COP26 in Glasgow, companies, cities, and countries are setting and announcing net-zero targets.&nbsp;<\/p>\n\n\n\n<p>There is broad recognition, that\u00a0in order to\u00a0avoid the worst effects of climate change, global temperatures need to stay below 1.5\u00b0C.\u00a0\u00a0In order to\u00a0have a 50% chance of not exceeding 1.5\u00b0C, global emissions need to halve by 2030 and reach net zero by 2050.\u00a0\u00a0<\/p>\n\n\n\n<p>Whilst the science is clear, what isn\u2019t clear is&nbsp;<strong>what it&nbsp;actually means<\/strong>&nbsp;to set a net-zero target.&nbsp;<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong><em>&#8220;The Net-Zero Standard gives companies a clear blueprint on how to bring their net-zero plans in line with the science, which is non-negotiable in this decisive decade for climate action. Because we are running out of time.&#8221;<\/em><\/strong>&nbsp;<\/p><cite>Johan Rockstrom, D<em>irector of the Potsdam Institute for Climate Impact Research (PIK) and Professor in Earth System Science at the University of Potsdam<\/em> <\/cite><\/blockquote>\n\n\n\n<p>The IPCC defines net-zero emissions as being when \u201canthropogenic emissions of greenhouse gases to the atmosphere are balanced by anthropogenic removals over a specified period\u201d,&nbsp;however,&nbsp;this is net-zero emissions as defined from a global level, and there is a lack of consistency about what it means on an individual organisation level.&nbsp;&nbsp;<\/p>\n\n\n\n<p>It&nbsp;is&nbsp;seen that net-zero emissions targets being adopted by businesses don\u2019t align on the timeframe for reaching <a href=\"https:\/\/northmoregordon.com\/articles\/5-steps-to-create-your-carbon-reduction-strategy\/\">net-zero<\/a>, the inclusion of other greenhouse emissions than CO2e, and the extent of the emissions boundary.&nbsp;A&nbsp;critical piece of&nbsp;science-based&nbsp;target setting&nbsp;is&nbsp;halving emissions by&nbsp;2030.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-but-wait-why-is-it-important-to-immediately-and-rapidly-reduce-emissions-now-or-within-next-10-years\"><strong>But wait, why is&nbsp;it&nbsp;important to immediately and rapidly reduce emissions now or within next 10 years?<\/strong>&nbsp;&nbsp;<\/h4>\n\n\n\n<p>We are given a carbon budget to limit temperature warming and the longer we wait to act, the wider the temperature range.\u00a0The IPCC AR6 Report determined that we have a total carbon budget of 500 Gtonnes of CO2 to give the world a 50% chance of keeping temperatures below 1.5 degrees C &#8211; we need urgent action now to reduce emissions and must reach net-zero carbon emissions no later than 2050.\u00a0<\/p>\n\n\n\n<p>On 28 October, the Science-Based Targets Initiative (SBTi) launched the world\u2019s first-ever corporate framework for net-zero target setting. This standard provides guidance, criteria,&nbsp;and&nbsp;recommendations companies need&nbsp;to set science-based net-zero&nbsp;targets consistent with limiting global temperature rise to 1.5\u00b0C.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Here&nbsp;are&nbsp;the&nbsp;four key elements of the Net Zero Standard Framework:<\/strong>&nbsp;<\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>To set near-term science-based targets:&nbsp;<\/strong>5-10 year&nbsp;emission reduction targets in line with 1.5\u00b0C pathways&nbsp;<\/li><li><strong>To set long-term science-based targets:&nbsp;<\/strong>Target to reduce emissions to a residual level in line with 1.5\u00b0C scenarios by no later than 2050&nbsp;<\/li><li><strong>Beyond value chain mitigation:&nbsp;<\/strong>In the transition to net-zero, companies should take action to mitigate emissions beyond their value chains. For example, purchasing high-quality, jurisdictional REDD+ credits or investing in direct air capture (DAC) and geologic storage&nbsp;<\/li><li><strong>Neutralization of residual emissions:&nbsp;<\/strong>GHGs released into the atmosphere when the company has achieved their long-term SBT must be counterbalanced through the permanent removal and storage of carbon from the atmosphere&nbsp;<\/li><\/ul>\n\n\n\n<p>This is exciting news&nbsp;as it\u2019s the first time the SBTi has clarified the acceptable level of genuine decarbonisation and carbon offsets permitted within a science-based net-zero target.&nbsp;The SBTi is also committing to working closely to set standards for monitoring, reporting and verification, with more expected policies&nbsp;around what and how to report.&nbsp;<\/p>\n\n\n\n<p>The difficulty for many companies is the strategic process behind emissions reduction, both in planning and implementation. At&nbsp;Northmore&nbsp;Gordon, we will get you started on the right foot and&nbsp;can&nbsp;provide&nbsp;ongoing&nbsp;support to make sure that you reach your target goals. We\u2019re all in this together, you can feel confident that support is available to&nbsp;assist you on your Net-Zero journey.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Net-Zero Emissions is the buzzword of 2021 and, in the lead, up to COP26 in Glasgow, companies, cities, and countries are setting and announcing net-zero targets.&nbsp; There is broad recognition, that\u00a0in order to\u00a0avoid the worst effects of climate change, global temperatures need to stay below 1.5\u00b0C.\u00a0\u00a0In order to\u00a0have a 50% chance of not exceeding 1.5\u00b0C,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":23253,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[69,116,163],"class_list":["post-23252","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-climate-change","tag-net-zero","tag-sbti"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.3 (Yoast SEO v25.5) - 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