SBTi encourages offsetting for net zero targets

Science Based Targets Initiative (SBTi) encourages use of offsets for net zero targets

 

A paper published this month by SBTi, a collaboration between investor backed non-profit CDP, the UN Global Compact, think tank Worlds Resource Institute (WRI) and green group WWF, seeks to develop the first science-based standard for setting corporate net zero targets and actions for 2050.

 

Historically SBTi has resisted the use of carbon offsets as part of the initiative to keep global temperatures in line with 1.5C above pre-industrial levels. They are now signalling that offsets can contribute to more ambitious corporate climate aims, such as achieving net zero.

 

While re-iterating that SBTs should be about decarbonisation, Cynthia Cummis, Director of WRI, went on to state that those that want to go beyond SBTs financing the zero-carbon transition, are encouraged to invest in offsets.

 

Almost 1,000 firms have pledged to set SBTs to date, only 280 have signed on SBTi’s more stringent ‘Business Ambition for 1.5C’ campaign, that will be the most likely candidates for offset purchases.

 

Dan Linksy from ClimeCo, noted that some large SBTi signatories have previously enquired about purchasing carbon credits only to find the units weren’t allowed under the collaborative’s terms. So, the relaxation of SBTs stance provides further support to the voluntary market.

 

To find out more about SBTi and/or your options to use carbon offsets as part of an SBTi commitment (as well as find out about our commitment to offset price transparency), please feel free to get in touch with our expert team.

 

Find out more from

Bill Goldie

Head of Carbon Offsetting

Tel. : 02036371055 

Email: bill.goldie@redshawadvisors.com

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