Science-based net-zero targets will require both rapid absolute emissions reductions by 2030 and deep decarbonisation from companies by 2050 at the latest. Richer countries and companies need to decarbonize faster and further. Indeed, the entire world needs to be at ‘net-zero’ by 2050. Companies will make emission reductions of at least 90-95% to reach net-zero. Long-term science-based targets indicate the degree of decarbonization companies need to reach to achieve net-zero. They outline what companies will do now, and over the next 5-10 years, to reduce emissions in line with science. Near-term science-based targets are what most companies refer to as science-based targets today. The Standard consists of near- and long-term science-based targets. Net-zero delays the urgent action we need before 2030
However, these investments are not a substitute for a company’s own emission reductions and cannot count towards the 90%+ reduction. When a company reaches its net-zero target, only a very limited amount of residual emissions can be neutralised with high quality carbon removals, this will be no more than 5-10%.Īs a part of the Standard, companies are encouraged to make additional investments in mitigation activities above and beyond their value chain to increase the likelihood the world stays within a 1.5☌ carbon budget. Science-based net-zero targets will require long-term deep decarbonization targets of 90-95% across all scopes before 2050. Net-zero = offsets instead of reducing emissions
#RELATIVE OBSCURITY MEANING VERIFICATION#
SBTi will provide the first external, independent verification of individual corporate net-zero targets. There is currently no credible and external verification of corporate net-zero targets, allowing some companies to claim net-zero targets without the dramatic reduction in emissions required. In advance of the launch of the Standard on 28 October, we tackle the most common critiques of net-zero and how the Net-Zero Standard will seek to address these concerns. Long-term deep decarbonization of 90-95% across all scopes before 2050Ī limited dependance on carbon removals to neutralize emissions that cannot yet be eliminated (5-10%)Įxternal verification of corporate net-zero targets and annual progress reporting Near-term targets and rapid action to reduce emissions over 5-10 years in line with 1.5☌ In summary, science-based corporate net-zero targets will require:Įmissions reductions in line with a global temperature increase of 1.5☌ before 2050 This will enable us to harness the momentum already achieved and support companies to set robust net-zero targets in line with climate-science. But rather than dismissing the concept of net-zero, we have been working since 2020 with an independent Expert Advisory Group to define how companies can get net-zero right. The SBTi shares many of the concerns about weak corporate net-zero targeting, which will not accelerate the immediate decarbonization needed to limit global temperature increases to 1.5☌. This has generated significant criticism of net-zero as a concept. This has created a loose collection of variable targets, many focusing more on the ‘net’ part of net-zero. The definition of net-zero itself, as well as the path to get there, is interpreted in different and often inconsistent ways. In 2019, net-zero pledges covered 16% of the global economy, but now nearly 70% is committed to net-zero by 2050.īut not all net-zero pledges are created equal.
Within the last couple of years the concept of net-zero has moved from relative obscurity to the centre stage of efforts to halt dangerous climate breakdown. The Standard will clarify the key role of decarbonization in corporate net-zero strategies. On October 28th, the Science-Based Targets initiative (SBTi) is launching the first science-based framework for companies to set net-zero targets - the Net-Zero Standard.
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