Net Zero

SBTi Net-Zero Corporate Standard and Planet Mark alignment

We will be aligning Planet Mark’s net zero services to the recently announced Science Based Targets initiative (SBTi) standard for net zero.

Words:
Charlotte Cameron
Images:
Unsplash
SBTi Net-Zero Standard Planet Mark alignment
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We will be aligning Planet Mark’s Net Zero services to the recently announced Science Based Targets initiative’s (SBTi) Net-Zero Corporate Standard.

 

The SBTi Net-Zero Corporate Standard was issued in late October 2021 and is the world’s first standard for corporate net zero emissions, providing the guidance and tools that companies need to set science-based net zero targets. You can read more about the announcement here.  

The SBTi Net-Zero Corporate Standard is consistent with limiting global temperature rise to 1.5 degrees and provides a robust and science-based understanding of net zero. It will give business leaders clarity and confidence that their near-term and long-term targets are aligned with the latest climate science. 

Highlights on the updates

Boundary

The boundary changes depending on sectors; however, as a whole:  

  • SBT must cover 95% of Scope 1 and 2 emissions.
  • If Scope 3 accounts for over 40% of the total footprint it must be included target must then cover 67% of Scope 3 emissions, for near-term targets. For the long- term target 90% coverage is required

Reduction requirement

Reduction requirements vary depending on several factors, for example which sector the company falls under, but as a broad overview:  

  • Near-term: Scope 2 needs to be 100% renewable electricity purchased by 2030
    Scope 1 and 2 need to have reduced on average by 4.2% per annum on absolute values 

Scope 3 needs to have reduced by a minimum of 2.5% per annum.  

  • Long-term: 90% absolute reduction across all Scopes.  

You can view the SBTi’s Net-Zero Standard full reporting boundary here.  

What does this mean for Planet Mark members?

After measuring a recent baseline, businesses must set a near-term target and make rapid emissions cuts across Scopes 1, 2 and 3.  

If your company has set a long-term science-based target to reach net zero within a 10-year timeframe, the near-term science-based target is not required. 

You can read more about what the different Scopes mean here.  

With 2050 being the latest date that businesses must achieve long-term targets to reduce all remaining emissions to as close to zero as possible, by a minimum of 90%, with any residual emissions only being offset using accredited carbon removal offsets. 

Only once the long-term target has been achieved can a business consider itself to have achieved net zero. 

How Planet Mark can help

We will be working to align our Net Zero Services to the SBTi Standard and will provide more detail on this to you over the next few weeks. 

This critical period between 2020 and 2030, the Decade of Action, requires bold and ambitious commitments to tackle the climate crisis, and that means shifting to net zero carbon. No matter what stage in your net zero journey you are on, from committing to a target to creating the action plan needed to get there, we’re here to support you. 

You can view an overview of our Zero Carbon Solutions here. 

The team at Planet Mark are here to help, so please do get in touch if you would like any guidance from our sustainability consultants in relation to achieving your own net zero plans and targets.  

 

Email us at: info@planetmark.com