Science-based targets

Definition

Science-based targets are measurable climate goals that are aligned with the latest climate science to limit global warming to well below 2°C above pre-industrial levels, and ideally to 1.5°C. These targets provide businesses with a clear framework for reducing greenhouse gas emissions in line with the Paris Agreement, promoting accountability and transparency in their sustainability strategies.

5 Must Know Facts For Your Next Test

1. Science-based targets help organizations translate the global climate goals into specific and actionable objectives that drive emission reductions.
2. Setting science-based targets can enhance a company's reputation by demonstrating commitment to sustainability and attracting environmentally conscious investors.
3. These targets often encompass both short-term and long-term goals, addressing both immediate emission reductions and long-term strategies for sustainability.
4. Science-based targets are verified by third-party organizations to ensure credibility and accountability, which builds trust among stakeholders.
5. Many companies use science-based targets as part of their broader corporate sustainability strategies, integrating them into their operations, supply chain management, and product development.

Review Questions

• How do science-based targets contribute to effective sustainable business management practices?
  • Science-based targets provide a structured approach for businesses to align their operations with global climate goals. By committing to measurable emission reduction goals based on the latest climate science, companies can implement effective strategies that not only reduce their carbon footprint but also improve operational efficiency. This alignment helps businesses demonstrate accountability to stakeholders while fostering innovation in sustainable practices.
• Discuss the role of third-party verification in enhancing the credibility of science-based targets set by organizations.
  • Third-party verification is crucial for ensuring that the science-based targets set by organizations are credible and transparent. When an independent body assesses and validates these targets, it provides assurance to stakeholders that the commitments made are based on sound scientific principles. This verification process also encourages companies to adopt ambitious yet achievable goals, reinforcing their dedication to sustainability and responsible business practices.
• Evaluate the impact of adopting science-based targets on a company's long-term strategy for sustainability and market competitiveness.
  • Adopting science-based targets significantly enhances a company's long-term sustainability strategy by integrating climate science into its core operations. This alignment not only helps mitigate risks associated with climate change but also positions the company as a leader in environmental responsibility. By setting ambitious emission reduction goals, companies can attract investments, appeal to customers seeking sustainable products, and gain a competitive edge in increasingly eco-conscious markets.

Related terms

carbon footprint:

The total amount of greenhouse gases emitted directly and indirectly by an individual, organization, event, or product, expressed as carbon dioxide equivalent.

SBTi (Science Based Targets initiative): An organization that enables companies to set emissions reduction targets in line with climate science, offering resources and support for companies aiming for science-based targets.

net-zero emissions: A state in which an organization balances the amount of greenhouse gases emitted with an equivalent amount removed from the atmosphere, resulting in no net increase in emissions.