Applications open for initial corporate target validation – Science Based Targets Network (2024)

Initial Target Validation Overview

Science-based targets (SBTs) for nature V1 will be available for immediate use by companies from March 2023. Science Based Targets Network (SBTN) encourages all companies to use V1’s detailed methodologies to assess and prioritize their impacts on nature, and then progress to setting targets on freshwater, land and climate.

Applications open for initial corporate target validation – Science Based Targets Network (1)

As SBTN will simultaneously launch the underlying process for companies to submit their targets for review and approval (“target validation process”), the target validation process itself will initially only be available to a small group of companies in order to gain learnings and optimize accordingly, prior to a full target validation process roll out later in the year.

The application process to be part of this initial target validation group is now open through February 3, 2023.

Companies are invited to apply here

Initial Target Validation Application Process

Companies are invited to submit an application until February 3, 2023. Any company can apply via the open application process. Companies must meet certain criteria in order to be considered and SBTN will select the companies based on this criteria.

Selected companies will be given time after being notified of their selection to confirm that they would like to participate in the initial target validation group.

The selection criteria for companies to participate in the initial target validation group are:

1

Readiness

Degree to which company has appropriate data as specified in the methods, technical capacity, and C-Suite and internal business support.

Applications open for initial corporate target validation – Science Based Targets Network (2)

2

Representative

In terms of sector, geography of target-setting, value chain position.

Applications open for initial corporate target validation – Science Based Targets Network (3)

3

Impact on nature

See here for archetypes of high-impact companies.

Throughout 2023, companies that are members of theSBTN Corporate Engagement Programwill receive regular updates regarding the initial target validation phase and will also be invited to continue to contribute to SBTN’s method development for V2. For any questions, please contact the Corporate Engagement Program team.

Frequently Asked Questions

The initial target validation process will run from Q1-Q4 2023. SBTN will provide support to the initial target validation group through Q4, including office hours for questions of interpretation and charging no fee for validation during this initial period.

Companies in this group will be expected to:

  1. Share data required for target validation as indicated in the methods.
  2. Receive validation by SBTN of their assessment and prioritization of impacts on nature (Steps 1 and 2), and a subset of relevant land and freshwater targets (Step 3).
  3. Answer questions from the target validation team, provide the necessary evidence and documentation, and provide clarifications where needed.
  4. Begin creating action plans for achieving targets for all targets set. After this initial target validation process concludes, participating companies will be expected to complete target setting for all material target boundaries within the timeframes specified in SBTN methods.
  1. SBTN will publicly announce the companies participating in the initial target validation process when the work begins (likely March 2023). SBTN might consider allowing 1-2 companies to be “silent partners” if necessary for completeness in piloting the validation process.
  2. Companies in the initial target validation group commit to assessing and prioritizing their impacts on nature (Steps 1 & 2) and setting targets on freshwater and/or land (Step 3) including submitting targets for official validation to the SBTN; helping the SBTN pilot its target submission and validation process.
  3. SBTN will publicly disclose target progress with respect to boundary coverage and characterization (e.g. “water quality target in water basin X”) for each company.
  4. SBTN will distill lessons learned from the initial validation phase into an anonymized public report and revise the validation process if needed.
  5. Once the initial target validation phase concludes, participating companies will be expected to comply with pending claims and disclosure guidance like all other companies. Companies will communicate about their approved targets using SBTN’s pending claims guidance and approved language, and commit to reporting progress on an annual basis.

SBTN is using this initial target validation group to pilot the target submission and validation process. The observations and learnings from the initial target validation companies’ work on assessing and prioritizing their impacts on nature (Steps 1 & 2) and setting targets on freshwater and/or land (Step 3) will be used to inform SBTN’s plans to scale. The V1 methods themselves will remain the same, but the validation process may be adjusted depending on results of the pilot by the initial target validation group. SBTN may share learnings from the initial target validation companies publicly, but this data will be anonymized.

We anticipate there will be motivated companies outside of the initial target validation group that will want to begin SBTs for nature. Companies not included in the initial target validation group are encouraged to prepare their targets as soon as V1 is publicly available in March 2023. V1 methods will not change as a result of the validation pilot period and when SBTN launches new method versions, the Network will provide a grace period for implementation.

SBTN will open up the validation process for any company to submit targets after distilling lessons from the validation pilot. Tentative timing is Q1 2024 and there will be a validation fee, price TBD. In addition, SBTN is updating other no-regrets actions and exploring the possibility of industry coalition commitments to support V1 rollout. SBTN is also exploring options for reviewing companies’ work on assessing and prioritizing their impacts on nature (Steps 1 and 2).

Setting SBTs for nature using the V1 guidance will help companies:

  1. Take the lead on ambitious corporate environmental action;
  2. Prepare, and be ahead of the game, for a broader set of complementary environmental targets to be released in subsequent versions by SBTN
  3. Demonstrate to stakeholders including customers, investors and employees their commitment to sustainability and transparency; and
  4. Proactively address risks such as future regulation and investor expectations.
  1. An independent validation team within SBTN, drawn from SBTN’s Network partners, will be responsible for the target validation of the initial group of companies.
  2. SBTN shall develop an “Independence / Conflict of Interest policy” to delineate the scope of support to companies as well as the roles and functions of the validation team.
  3. SBTN will explore alternative options for the governance and management of the validation process to implement once the process is publicly available in late 2023.

SBTN recognizes that engagement with different types of stakeholders is necessary throughout the target setting process: from impact assessment and prioritization to baselining and allocation, to determining ambition levels and actions, and then moving to implementation and tracking progress over time.

Because of the many stages of the target setting process where stakeholder engagement is relevant, SBTN is conducting a scoping exercise to ensure that additional guidance for companies on this topic is aligned with best practice, is in respect of human rights, supportive of locally-determined priorities and needs, and does not place undue burdens of engagement on the non-corporate actors engaged in the process.

The results of this scoping exercise and recommendations on stakeholder engagement practices to accompany the core SBT for nature methods will be available in early 2023.

Biodiversity is defined as the variety of life at the ecosystem, species and genetic scales. SBTs for nature primarily focus on addressing biodiversity at the ecosystem and species level. The current land and freshwater SBTs for V1 directly address drivers of biodiversity loss, as captured in the Kunming-Montreal Global Biodiversity Framework. Please see here for more detail.

As an interim solution to measurement, reporting and verification (MRV) of science-based targets for nature, SBTN will be testing the use of ‘Action Plans’ (name to be determined) with the initial target validation group. In these plans, companies will be required to provide information to SBTN on how they will monitor and report on the progress against targets. It is anticipated that companies will publicly disclose their target progress.

Once SBTN has an established MRV system in place, we will begin to formalize requirements about corporate reporting (e.g. to SBTN or other parties), as well as share results of progress gleaned through monitoring (e.g. through satellite or other technologies) and through verification (e.g. through third-party actors engaged by companies to assess their progress).

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Applications open for initial corporate target validation – Science Based Targets Network (2024)

FAQs

What is the deadline for SBTi? ›

Companies have 24 months to submit their targets to the SBTi. In line with our commitment compliance policy, from January 31 2023, if targets have not been submitted within 24 months of committing, they will expire and be shown as 'removed' on the SBTi website – unless specific circumstances apply.

What are the requirements for science-based targets? ›

The SBTi requires companies set targets based on emission reductions through direct action within their own operations and/or their value chains. Offsets are only considered to be an option for companies wanting to finance additional emission reductions beyond their science- based targets.

What is the Sbtn 5 step process? ›

  1. 2.2 Step 1: ASSESS.
  2. 2.3 Step 2: INTERPRET & PRIORITIZE.
  3. 2.4 Step 3: MEASURE, SET & DISCLOSE.
  4. 2.5 Step 4: ACT.
  5. 2.6 Step 5: TRACK.
Sep 8, 2020

How does SBTi validate targets? ›

The SBTi criteria outline the minimum qualitative and quantitative criteria for targets to be recognized by the SBTi. The validation team reviews the submission form and associated documents to ensure that all criteria are met for any target submission to be approved.

How many companies have signed up to the SBTi? ›

The world is transitioning to a zero-carbon economy. More than 4,000 businesses and financial institutions are working with the Science Based Targets initiative (SBTi) to reduce their emissions in line with climate science. Find out more their targets and commitments.

Is SBTi mandatory? ›

SBTi recommendations are important for transparency and best practice, but are not required. These criteria apply only to companies that are not classified as financial institutions and Small and Medium Enterprises (SMEs).

What are examples of science-based targets? ›

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.

What is SBTi certification? ›

The Science Based Targets initiative (SBTi): Defines and promotes best practices in emissions reductions and net-zero targets in line with climate science. Provides target setting methods and guidance to companies to set science-based targets in line with the latest climate science.

What is SBTi framework? ›

The SBTi's Corporate Net-Zero Standard is the world's first framework for corporate net-zero target setting in line with climate science. It includes the guidance, criteria, and recommendations companies need to set science-based net-zero targets consistent with limiting global temperature rise to 1.5°C.

How much does SBTi charge for validation? ›

$1,000 The SBTi has a streamlined route for small and medium-sized enterprises (SMEs), defined as a non-subsidiary, independent company which employs fewer than 500 employees.

What are the minimum targets for SBTi? ›

From 15 July 2022, the SBTi will only validate targets aligned with 1.5°C for Scope 1 and 2 and a minimum level of ambition of well-below-2°C for Scope 3.

How long does it take to set a SBT? ›

The process begins by submitting a commitment letter that, once received, recognises the company as 'committed' to aligning emissions reduction targets to 1.5°C. The company is then added to the SBT website and partner CDP and We Mean Business sites. Companies then have 24 months to complete the remaining steps.

Who is behind SBTi? ›

The SBTi is a partnership between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). The SBTi call to action is one of the We Mean Business Coalition commitments.

How many companies have Scope 3 targets? ›

The number of companies that reported Scope 3 emissions in the public CDP dataset increased from 936 companies in 2010 to 3,317 companies in 2021. In 2021, more than half (55%) of companies did not agree to their data being publicly available in 2021.

What companies have committed to net-zero? ›

Only three companies — Microsoft, PepsiCo, and Ecolab — received “A” grades on progress towards achieving Net Zero emissions.

How much time do we need in order to significantly curb carbon emissions and avoid catastrophe? ›

The best science we have tells us that to avoid the worst impacts of global warming, we must globally achieve net-zero carbon emissions no later than 2050.

What is SBTi commitment? ›

The Science Based Targets initiative (SBTi) is committed to ensuring publicly committed companies and financial institutions deliver on their commitment to develop science-based emissions reductions targets in line with the latest climate science.

What is the Science Based Targets Initiative 2030? ›

By setting near-and long-term targets, companies will accelerate decarbonization efforts at the depth and pace needed to avoid the worst impacts of climate crisis by halving emissions by 2030 and achieving net-zero by 2050.

What is SBTi reporting? ›

The SBTi defines and promotes best practice in science-based target setting. Offering a range of target-setting resources and guidance, the SBTi independently assesses and approves companies' targets in line with its strict criteria. Companies report that adopting a science-based target: Boosts profitability.

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