What are Science-Based Targets?
Miles Padzensky, an ESG data analyst at Goby, explains the founding principles of the The Science Based Targets initiative and why Science-Based Targets are a great way to get your organization started when trying to reduce your greenhouse gas emissions
Hi. I'm Miles, an ESG data analyst here at Goby. Today I want to talk a little bit about Science-Based Targets. Science-Based Targets are a unique science-based method for companies to establish clearly defined greenhouse gas reduction targets within a given time frame.
For a climate target to be considered science-based, it must fulfill that company's responsibility to meet the primary goal outlined by the Paris Climate Agreement, which is to limit the extent of global warming to between 1.5 and 2 degrees Celsius above pre-industrial levels.
Science-Based Target setting is a movement that's largely sponsored and motivated by the Science-Based Target Initiative, which is a partnership organization made up by some of the world's leading nonprofits and NGOs committed to fighting climate change.
And the Science-Based Target Initiative was formed with the goal of helping companies in virtually any industry set ambitious, attainable, and meaningful greenhouse gas reduction targets.
Currently, there are 1,019 companies that are taking science-based climate action, and an additional 539 companies who have already set Science-Based Targets that have been approved by the Science-Based Target Initiative.
It was recognized that there was a need for a standardized approach to setting meaningful greenhouse gas reduction targets, and this is a trend that enabled the inception of the Science-Based Target Initiative.
Reducing greenhouse gas emissions is not only the social and environmentally responsible thing to do, but now it's also good for business.
Evidence has shown that setting Science-Based Targets builds long term business value for a company while increasing profitability through many ways such as driving innovation, improving public image, reducing regulatory uncertainty, building credibility and confidence with investors, and increasing competitive advantage. For many companies, the idea of becoming sustainable is both attractive and intimidating.
The Science-Based Target Initiative strives to show companies that sustainability doesn't need to be difficult process and that Science-Based Targets are great place to start.