In the realm of climate change mitigation, net zero plans have become a central focus for governments and large corporations. As the urgency to combat climate change intensifies, organisations worldwide are setting ambitious net zero goals. Last year, the Science Based Targets Initiative (SBTi) unveiled the ground-breaking 'Net-Zero Standard,' providing invaluable guidance for companies embarking on their net-zero journey. In this article, we explore the SBTi Net-Zero Standard Framework, shedding light on its purpose and outlining actionable steps businesses can take to achieve net zero emissions. At Neuer Energy, our innovative platform is designed to support and streamline your organisation's path towards net zero.
Understanding the SBTi and the Net-Zero Standard
The Science-Based Targets Initiative (SBTi) stands as a globally recognised organisation committed to assisting businesses in setting rigorous emission reduction targets based on the latest climate science. Their overarching objective is to empower companies to reduce emissions by 50% by 2030 and achieve net zero emissions by 2050.
At the heart of the SBTi's efforts lies the Corporate Net-Zero Standard, commonly referred to as the Net-Zero Standard. This comprehensive standard serves as a compass, offering guidance, rules, and recommendations for organisations seeking to set net zero goals. By aligning with the Net-Zero Standard, businesses can ensure their targets are scientifically grounded, fostering credibility and accountability.
Key Insights from the Net-Zero Standard Framework
The Net-Zero Standard Framework equips businesses with the tools necessary to achieve net zero while aligning with societal climate and sustainability goals, while operating within the biophysical limits of our planet. To realise society's net zero aspirations, organisations must undertake substantial emissions reductions and effectively address any remaining emissions.
As outlined in the SBTi Net-Zero Standard, corporate net zero entails the following key elements:
Decarbonising the Business and its Value Chain:
To embark on this transformative journey, businesses must establish both near-term and long-term science-based targets. Near-term science-based targets, typically spanning 5-10 years, align with 1.5°C pathways and serve as milestones toward achieving long-term goals. These targets drive concerted efforts to significantly reduce carbon emissions by 2030. Long-term science-based targets guide organisations in determining the emission reductions necessary across their value chain to achieve net zero by 2050, or earlier in qualifying 1.5°C scenarios. At Neuer Energy, our platform offers robust functionality to facilitate goal setting, tracking progress, and reporting against these targets, ensuring transparency and effective management of emissions reduction strategies.
Neutralising Residual Emissions through Carbon Removal and Storage:
Even with ambitious emission reduction efforts, residual emissions may persist. To achieve net zero emissions, businesses must counterbalance these remaining emissions by permanently removing and storing carbon from the atmosphere. This crucial step ensures that greenhouse gas emissions have no net impact on the climate. Our Neuer Energy platform provides innovative solutions for monitoring and managing emissions, enabling organisations to identify opportunities for carbon removal and storage, thereby contributing to their net zero aspirations.
Mitigating Emissions beyond the Value Chain:
Beyond the immediate value chain, organisations can engage in emission mitigation actions that extend to external factors. This approach, referred to as "beyond value chain mitigation," encompasses strategies to reduce or restrict greenhouse gas emissions, thereby actively contributing to the net zero goal. At Neuer Energy, our platform empowers businesses to explore and implement mitigation measures beyond their value chains, enabling them to play a more comprehensive role in addressing climate challenges.
The Mitigation Hierarchy and Society's Net-Zero Goal
Embedded within the SBTi Net-Zero Standard is the concept of the "mitigation hierarchy," which guides businesses in prioritising their actions. According to this hierarchy, organisations should initially focus on implementing strategies to achieve science-based targets within their value chains. This priority ensures a systematic approach to emission reduction and sustainable practices. At Neuer Energy, our platform provides robust functionality for businesses to navigate this hierarchy, enabling them to prioritise and track their progress towards science-based targets effectively.
The SBTi Net-Zero Standard Framework is a vital resource for organisations committed to reaching their net zero goals based on sound climate science. By adhering to this framework, businesses can align their actions with the 1.5°C target outlined in the Paris Agreement. Achieving net zero emissions requires a holistic approach that balances emissions reduction within value chains, neutralisation of residual emissions through carbon removal and storage, and strategic mitigation beyond value chains. With Neuer Energy's innovative platform, companies gain the necessary tools and functionalities to streamline their net zero journey, track progress, and report on their sustainability efforts. Embrace the SBTi Net-Zero Standard Framework and unlock the transformative power of net zero emissions for a sustainable future.
Contact us to explore how the NeuerEnergy SaaS platform can help you to set up and achieve your SBTi targets.