Science Based Targets

Science based targets provide a clearly defined pathway for companies and financial institutions to reduce greenhouse gas (GHG) emissions, helping prevent the worst impacts of climate change and future-proof business growth. Targets are considered 'science based' if they are in line with what the latest climate science deems necessary to meet the goals of the Paris Agreement - limiting global warming to well-below 2°C above pre-industrial levels and pursuing efforts to limit warming to 1.5°C. The Science Based Targets Initiative (SBTi) provides a robust methodology for setting science-based emissions reduction targets. Following the SBTi methodology for Science Based Targets are advantageous because it can be used to set both near term targets (5 - 10 years) and longer-term targets (no later than 2050), with annual percentage rates of decarbonisation clearly quantified. Many organisations are seeking to adopt Science Based Targets recognising that they are an internationally recognised standard for best practice - particularly where these are developed in support of wider ESG and CSR frameworks (see section 8.2.1 and Appendix 4).