Following from our first piece on Net Zero Vs Science Based Targets: What Is the Difference and Which Approach Is Better? We now take a close look at the recommendations put together by the Science Based Target Initiative (SBTi) on how corporates can set and implement robust Net Zero targets.
Summary of Recommendations
- Boundary– corporates should aim to cover all sources of Greenhouse Gas (GHG) emissions within its value chain (that is both direct and indirect emissions) in its net zero targets.
- Abatement– it is important that companies design mitigation pathways of emissions in a way that ensures it contributes to limit warming to 5°C and has a low to no risk of overshooting.
- Timeframe– companies are encouraged to reach net zero GHG emissions by no later than 2050.
- Accountability– long-term net zero targets should be supported by short-term science based emission targets, so that timelines are consistent with Paris-aligned mitigation pathways.
- Neutralization– an effective neutralization strategy involves removing carbon from the atmosphere and storing it for a long-enough period to fully neutralize the impact of any GHG that continues to be released into the atmosphere.
- Compensation– during the transition to net zero, companies should look into undertaking efforts to compensate unabated emissions to contribute to the global movement to net zero.
- Mitigation Hierarchy– companies should prioritize eliminating sources of emissions within its value-chains over compensation or neutralization measures.
- Environmental and Social Lifeguards– when designing and implementing mitigation pathways, companies must consider the environmental, social and economic implications. E.g. protection of biodiversity, local communities and naturally occurring ecosystems.
- Robustness– when utilising compensation and neutralisation measures, companies have to ensure additionality, permanence of the mitigation outcomes, address leakages and avoid double counting.
- Transparency– for legitimacy and reputational purposes, companies should be transparent about the sources of emissions that are included and excluded from the scope, timeframes for achieving long-term, interim net zero targets and other relevant milestones.
Once the targets have been set, it is imperative that organizations start monitoring carbon savings to ensure that they are on track to meet these targets. At Don’t Waste, our clients are able to easily monitor and report on their environmental savings generated from their recycling and avoidance activities in live time, through our advanced CEP portal. Waste generated from operations falls under Scope 3 emissions, and our systems are able to provide transparency on waste movement, ensuring that our clients know where their waste ends up.
Follow us for PART 3: THE IMPORTANCE OF WASTE AUDITS- DO YOU KNOW WHAT YOU ARE SENDING TO LANDFILL? For greater insight into how organizations can start their net zero journey by conducting waste audits to understand what is currently going to landfill, and what opportunities are present for further reductions, culminating into greater environmental savings, and contributing to meeting net zero targets.
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