Setting Targets
With the best-case scenario of limiting global warming to 1.5°C slipping out of reach, urgent climate action needs to be taken. The movement of companies, countries, regions, and cities setting ambitious Net Zero targets must be accelerated to address the climate emergency. Net Zero for a company means achieving a state in which the activities within its value chain result in no net impact on the climate from greenhouse gas emissions. To be truly meaningful, this must be achieved by reducing actual value chain greenhouse gas emissions in line with 1.5°C science-based pathways.
‘Race to Zero’ is a global campaign to mobilise leadership and support from businesses and other stakeholders for a healthy, resilient, zero-carbon recovery, which creates jobs, unlocks inclusive, sustainable growth, and reduces the risk of future shocks. The campaign, under the stewardship of the UN High Level Climate Champions, rallies ‘real economy’ leaders to join the largest ever coalition committed to the same overarching goal: achieving net Zero emissions by 2050 at the very latest.
The following are valuable resources for further reading on setting targets:
Race to Zero: Race to Zero is the UN-backed global campaign rallying non-state actors – including companies, cities, regions, financial and educational institutions – to take rigorous and immediate action to halve global emissions by 2030 and deliver a healthier, fairer zero carbon world in time: https://racetozero.unfccc.int/
Science Based Targets initiative (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) that drives ambitious climate action in the private sector by enabling companies to set science-based emissions reduction targets: https://sciencebasedtargets.org/
UK SME Climate Hub: The SME Climate Hub for small and medium-sized enterprises (SMEs) provides a one-stop-shop to make a climate commitment and access best-in-class tools and resources. The tools and resources provide support in regards to measuring your emissions, developing your climate strategy, reducing your own emissions and the emissions in your value chain, and exemplify complementary offset projects: https://smeclimatehub.org/uk/
Business Ambition for 1.5C: https://sciencebasedtargets.org/business-ambition-for-1-5c
SBT Resources:
https://sciencebasedtargets.org/resources/?p=resources
SME Climate Hub tools: https://smeclimatehub.org/tools/
For more information, please contact Sarah Cook, Head of Environment Programme.
