Science Based Targets
Acting now to define and reach your organisation’s net-zero goals
What is the Science Based Targets Initiative?
Formed in 2015, the Science-Based Targets initiative (SBTi) was the world’s first framework for corporate greenhouse gas emission reduction target setting in line with climate science with the goal to urge companies to implement best practices in their decarbonisation efforts. On 28 October 2021, SBTi launched the first corporate science-based framework for companies to set net zero targets.
Why is this important now?
- Upcoming and increasing regulatory requirements are pushing companies to set decarbonisation and net-zero targets
- Leaders act on climate change - Early adopters of science-based targets set a precedent for others to follow and demonstrate their commitment
- Increased stakeholder expectation and consumer awareness are accelerating the need for companies to commit to sustainability targets.
What opportunities do a SBTi commitment provide?
- Bottom line savings: Lower operational costs overall and with supply chain partners through climate-related risk reduction
- Regulatory resilience: Build trust with regulators and ensure good performance in internal and external audits
- Investor trust: Meet stakeholder expectations to lower net-zero emissions and increase credibility for future investments
- Competitive advantage: Improve sustainability ranking scores to meet expectations of Paris Agreement
- Talent attraction and retention: Signal long-term commitment to sustainable growth to boost employee retention and recruitment
- Innovation: Net-zero targets incentivise innovative best practises and new ways of working
How companies are committing to SBTi
The global perspective:
More than 190 countries signed up to the Paris Climate Agreement, which aims to keep the global average temperature increase to well below 2 degrees centigrade. The SBTi allows companies to demonstrate that their subsequent targets are in line with the Agreement and latest climate science. Over 1,000 companies have signed up to date representing 15% of the global economy.
The Swiss perspective:
- 55 major Swiss companies across all sectors have already committed to the SBTi (by October 2021)
- Of which 30 Swiss companies have committed to the ‘Business Ambition for 1.5C’ – an urgent call to action initiative to form a global coalition of UN agencies, businesses and industry leaders in partnership with the Race to Zero.
Deloitte’s commitment to the SBTi:
To play our part to help achieve the Paris Agreement goals, Deloitte has launched WorldClimate, our strategy to drive responsible climate choices within our organisation and beyond. As part of our commitment, Deloitte’s SBTi targets were validated in 2020:
- By 2030, we will reduce Absolute Scope 1 and 2 GHG emissions by 70% using 2019 as a base level
- By 2030, we will reduce Scope 3 GHG emissions from business travel by 50% per full time employee (FTE) using 2019 as a base level
- 67% of our suppliers including purchases goods, services and business travel will have science-based targets by 2025
Immediate steps to take:
How can we help?
Have you already committed to science-based targets? If yes, then you have taken the first step to align with the SBTi framework. We are happy to work with your company on the necessary steps to help you realise the full benefits of setting science-based targets and accelerating your journey to net-zero.