What is Science-Based Targets Initiative (SBTi) Net Zero Standard?
What is Science-Based Targets Initiative (SBTi)?
The aim of the Science-Based Targets Initiative (SBTi) is to drive the private sector through an ambitious climate strategy, with a science-based approch, to accelerate the fulfilment of carbon dioxide emissions reduction targets in line with Paris Agreement.
SBTi is a partnership of the most relevant international institution:
- Climate Disclosure Project (CDP)
- United Nations Global Compact
- World Resources Institute (WRI)
- World Wide Fund for Nature (WWF)
The Science Based Targets initiative (SBTi) has the following missions:
- Accelerate the implementation of carbon emissions reductions best practice and net-zero targets, backed by a climate science approach.
- Help companies to set up science-based targets to reduce their carbon footprint with technical assistance and expert resources.
- Provide an independent assessment and companies targets validation thanks to a dedicated team of experts.
- Lead the Business Ambition for 1.5°C campaign - an urgent call to action from a global coalition of UN agencies, business and industry leaders.
What is SBTi Net Zero Standard?
The SBTi's Corporate Net-Zero Standard is an independent framework giving corporates guidance to set up net-zero targets, aligned with climate science, in order to limit global warming rise to 1.5°C.
SBTi Net Zero Standard has become the world most famous framework. It provides, for each specific industry, guidance, criteria and recommandations to set up their Net Zero strategy and action plan, backed by a science-based approach.
The SBTi Net Zero Standard has been developed through a transparent process, include the support of the best climate, academic and industrial expertises.
What are SBTi Net Zero Standard eligibility criterias?
Net Zero targets, trajectory and GHG footprint
GHG Coverage must cover all relevant GHGs as required per the GHG Protocol (C2).
The SBTi Net Zero Protocol differentiate near-term targets and long-term targets.
Net Zero near-term targets (C5, C6)
- Lust cover 95% of scope 1 & 2
- 67% of scope 3
- Must be completed with 10 years
Net Zero long-term targets (C7)
- Must cover 100% of scope 1 & 2
- 90% of scope 3 emissions
- Must be completed by 2050
Net Zero expected carbon and greenhouse gases emissions reductions
Finally, emissions reduction for scope 1, 2 & 3 must by compliant with a 1.5°C trajectory, in order to reach Paris Agreement. The overall reduction varies per industry, and is generally around 80% to 90% of initial global emissions footprint (C19).
Concretely, a company can reach the state of net-zero emissions (C14) when:
- Reducing their scope 1, 2 and 3 emissions to zero or to a residual level consistent with a 1.5°C scenarios for their industry (generally around 80% to 90% of initial greenhouse gas footprint)
- Neutralizing any residual emissions at the net-zero target date and any greenhouse gas emissions released into the atmosphere thereafter.
Net Zero Protocol reporting
In order to be considered as “Committed to Net Zero” by SBTi, companies have to publicly set a clear and transparent net-zero target , with of the relevant elements to reach this target:
- A net-zero target year;
- A level of emissions reductions that will be achieved for near-term and long-term SBTs
- An initial base year
The company must publicly report its GHG emissions inventory and progress vs target every year (C30).
Carbon credits: beyond value chain mitigation and neutralization
Beyond value chain climate mitigation (R10)
In the meantime and in addition of their near and long-term targets, companies should make investments or take action outside of their own value chain to mitigate actual GHG emissions.
It means avoidance, reduction and capture carbon credits can be purchased, in order to provide annual support projects with measurable benefits to climate. Projects with cobenefits for nature and people are strongly recommended.
Companies should report annually on these actions, with relevant details.
Neutralization of unabated emissions of carbon dioxide to reach net-zero (C28)
At the net-zero targeted year, companies must remove carbon from the atmosphere and permanently store it, meaning buy long-term storage carbon credits or develop inhouse removal capacities.
These carbon removal actions should continue to take place, at the level of residual emissions thereafter, to keep this Net Zero statement true.
How Riverse certified carbon credits compatible with Science-Based Targets Initiative SBTi Net Zero Standard?
Here we take all the elements of the SBTi Net Zero Protocol, and study how the Riverse standard allows low-carbon projects to emit certified carbon credits, aligned with this law.e loi.
When am I eligibile to purchase Riverse-certified carbon credits?
Riverse Know-Your-Customer (KYC) rules contains the following aspects:
- Set up a Net Zero trajectory in line with Paris Agreement (+1.5°C)
- Show already some concrete proves of GHG emission reduction
Indeed, we decided to be compliant with all main guidelines for carbon credit use, and that's why our KYC rules are very similar with SBTi main guidelines.
Beyond value chain mitigation criteria compatibility
Riverse promotes actively to support relevant projects out of the company own value chain, to counterbalance greenhouse gas emissions emissions before 2050, because many crucial solutions don't have enough funds to be developed and definitely need support.
We enables a greenhouse gas emissions mitigation with the following caracteristics:
- Projects linked with company hard-to-abate emissions in order to accelerate their industry decarbonation
- Projects linked with company geographical area to make this support as logical as it can be
- Certified projects in line with all the Voluntary Carbon Market Integrity Initiative guidelines
Neutralization of unabated emissions to reach net-zero criteria compatibility
Riverse registry also contains some relevant project for unabated emission neutralization, in order to reach the final net zero statement.
Here some examples:
- Biochar production to ensure a long-term earth carbon storage
- Carbon Capture and Storage from cargo emissions ensuring a long-term geological storage
Wants to know more? Feel free to book a meeting with me!