The\u00a0Science Based Targets initiative<\/a> (SBTi)<\/strong>\u00a0is a collaborative partnership – between CDP<\/a>, the UN Global Compact<\/a>, World Resources Institute<\/a> (WRI), and WWF<\/a> – that \u201cchampions science-based target setting as a powerful way of boosting companies’ competitive advantage in the transition to the low-carbon economy.\u201d They focus on meeting the goals of the Paris Agreement by defining best practice, providing independent target validation, and ensuring corporate commitments translate into real-world carbon reductions rather than reliance on unverified offsets. With a few exceptions, all companies and financial institutions can sign up to SBTi. The initiative provides specific guidance<\/a> on routes and methods to join, depending on the size of the company and the sector in which they operate. <\/p>\n\n\n\n Currently, fossil fuel companies and automakers are unable to validate their targets, though the latter can commit to setting a target and SBTi hopes to include both sectors soon. Also excluded for the moment are cities, local governments, public sector institutions, educational institutions and non-profit organisations. <\/p>\n\n\n\n With greenwashing<\/a> rampant and many questioning the legitimacy of net zero claims, SBTi provides organisations with credible, recognisable and independently audited emissions targets. As well as environmental advantages, setting SBTs can help a business in several key commercial ways:<\/p>\n\n\n\n In theory, SBTs appear to have no drawbacks, but implementation requires thorough planning. Here are some of the best practices for setting SBTs in accordance with current SBTi guidelines:<\/p>\n\n\n\n Under the SBTi Corporate Net-Zero Standard<\/strong>, businesses set two connected milestones:<\/p>\n\n\n\n The SBTi provides streamlined pathways and sector-specific tools (such as simplified options for SMEs) to model decarbonization scenarios. Rather than opting for the easiest route, they recommend testing different methodologies to find the optimal, most ambitious pathway relevant to your specific business.<\/p>\n\n\n\n Greenhouse gas emissions are categorized into Scopes 1, 2, and 3:<\/p>\n\n\n\n Scope 1 and 2 emissions are generated from internal operations and are mandatory factors<\/strong> when setting SBTs. However, Scope 3 often represents 80\u201390% of a company\u2019s total carbon footprint. Setting a Scope 3 target is mandatory if value chain emissions account for more than 40% of your total footprint, making supply chain engagement essential for true decarbonisation.<\/p>\n\n\n\n As standards for Scope 2 reporting become more rigorous, with both the SBTi <\/a>and Greenhouse Gas Protocol <\/a>announcing reforms, relying on traditional green tariffs is no longer enough to label your electricity usage as zero emissions. Hourly matching matches a business\u2019s energy consumption with local renewable generation on an hour-by-hour basis. Because the electricity grid relies on fossil fuels during periods of low wind or solar generation, matching your exact hourly usage with genuine renewable power provides true transparency of your carbon impact on the grid\u00a0. <\/p>\n\n\n\n Implementing granular, hourly-matched procurement gives audit-ready transparency, ensures your Scope 2 claims withstand strict scrutiny from validation bodies like the SBTi, and protects your business against allegations of greenwashing.<\/p>\n\n\n\n Science Based Targets will help businesses in many ways, from future-proofing operations to increasing investor confidence and winning supply chain contracts. The environment also gains as pledges are met and we transition to a resilient, low-carbon economy.<\/p>\n\n\n\n Beyond carbon emissions, forward-thinking businesses are also looking to the Science Based Targets Network (SBTN)<\/strong> to align corporate actions with broader nature, water, and biodiversity goals.<\/p>\n\n\n\n Good Energy signed up to the SBTi in 2022. Information about our target can be found on <\/strong><\/em>our sustainability webpage.<\/strong><\/em><\/a><\/p>\n\n\n You might also be interested in…<\/p>\n<\/h2> \n \n
<\/p>\n\n\n\nWho can sign up to the Science Based Targets initiative?<\/h2>\n\n\n\n
Why should your business set Science Based Targets?<\/h2>\n\n\n\n
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<\/li>\n\n\n\nHow to set Science Based Targets<\/h2>\n\n\n\n
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Greenhouse gases: Scope 1, 2, and 3 emissions<\/h3>\n\n\n\n
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The rising importance of hourly energy matching<\/h2>\n\n\n\n
reforms explained<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n
Scope 2 reforms explained<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\nNext steps<\/h3>\n\n\n\n
How to measure your carbon emissions<\/a><\/h2> \n \n <\/div>\n\n
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<\/div>\n <\/div>\n <\/div>\n <\/div>\n Scope 2 reforms explained<\/a><\/h2> \n \n <\/div>\n\n
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