The initiative allows companies to choose from seven methods of objectives. This flexibility allows companies to set targets that take into account the reality of their sector. Computer maker Lenovo has presented new scientific targets to halve emissions from operational operations and reduce the value chain impact by 25% by 2030, to achieve zero net emissions by 2050. Expertise: First Climate is a competent provider of CO2 emissions management and green solutions. For nearly 20 years, we have been helping companies and organizations achieve their sustainable development goals, and we also have a well-established track record in developing science-based goals for corporate clients around the world. Although the scientifically based approach to reducing emissions is relatively recent, there is already good evidence of the commercial benefits of this pathway. The measurable benefits of reducing greenhouse gas emissions include cost savings, energy savings and improved end results. The greenhouse gas emission reduction targets adopted by companies are considered « science-based » if they correspond to the degree of decarbonization required to keep global temperature rise below 2 degrees Celsius above pre-industrial temperatures, as indicated in the fifth assessment report of the Intergovernmental Panel on Climate Change (IPCC). The Science Based Targets Initiative (SBTi) has published its first guidelines, which will lead to the development of a new global standard to ensure that companies` net zero-carbon targets are aligned with climate science.
To achieve a science-based goal, several divisions within the company are needed. Sustainability experts often need to work closely with business leaders and managers across the company to access the resources needed to develop, close and finally achieve the goal. The Science Based Targets initiative recommends setting goals using concepts such as risk, opportunity, revenue and reputation, rather than using climate jargon or sustainable development jargon, as this approach will be more appreciated by business decision makers. The transformation has begun. The scientific objective is the new normal. New rules, increasing competition, scarcity of resources and changing tax systems in different countries – climate change is beginning to significantly influence today`s and tomorrow`s markets. Setting scientifically sound goals can help you prepare for future challenges and protect yourself from the foreseeable risks caused by climate change. The Science Based Targets initiative highlights a number of companies that have set scientifically based goals through case studies, events and media to draw attention to increasing innovation, reducing regulatory uncertainty, building investor confidence and improving profitability and competitiveness through the scientifically sound process. For more information, visit the Science Based Target website. As indicated in the 2017 letter of commitment for financial institutions, a methodology is still being developed for financial institutions to improve their climate performance through the use of scientific objectives: just over one third (35%) or interviewees said that the adoption of science-based targets was on their radar, while less than 10% said they did not consider them at this stage.