The Science Based Targets initiative (SBTi) has released four technical publications as part of an effort to refine the Corporate Net-Zero Standard. These documents focus on enhancing strategies for managing scope 3 emissions, which account for 75% of a typical company’s carbon footprint. This marks an initial phase in revising the standard, with a public consultation on the draft standards scheduled for the fourth quarter of 2024.
A draft Corporate Net-Zero Standard will be released for public consultation by Q4 2024. Stakeholders are encouraged to provide feedback on the scope 3 discussion paper via the provided form.
A Major Challenge
Scope 3 emissions are a significant challenge and opportunity in corporate decarbonization. SBTi’s new publications explore how to better address these emissions, informed by feedback from over 5,000 companies whose targets have been validated by SBTi.
New Technical Outputs
- Scope 3 Discussion Paper: Outlines potential changes in scope 3 target setting. It is informative and does not propose new requirements.
- Evidence on Environmental Attribute Certificates: Releases data from an open call for evidence on the effectiveness of these certificates.
- Synthesis Report on Carbon Credits: Summarizes evidence on the effectiveness of carbon credits in corporate climate targets.
- Independent Review Findings: Presents an assessment of peer-reviewed literature on the effectiveness of carbon credits as a substitute for direct abatement.
According to Alberto Carrillo Pineda, Chief Technical Officer, SBTi
Today’s outputs are crucial for developing a sophisticated approach to scope 3, prioritizing direct decarbonization and preparing for extensive public consultation.
Environmental Attribute Certificates (EACs)
The scope 3 paper presents scenarios where carbon credits might support evidence of decarbonization or offset residual emissions but stresses that credits should not replace direct value chain decarbonization.
This announcement marks a key step in the revision process for the Corporate Net-Zero Standard. The SBTi’s comprehensive revision will help companies lead on climate action.
Sue Jenny Ehr, Interim CEO, SBTi
