SBTi swamped with requests from corporates setting emission targets

Quantum Commodity Intelligence - The leading aggregator that compiles corporate pledges to cut emissions said Wednesday it had received "unprecedented interest" from companies and is introducing a waiting list to deal with the workload.

The Science Based Targets initiative (SBTi) has become the go-to standard for corporate greenhouse gas emissions reporting in recent years, with many companies seeking to meet its standards for net zero.

More than 2,000 companies are now covered by the initiative, of which 1,000 have set net zero emissions by 2050 targets.

"With the introduction of a more formal validation service in 2018, the SBTi has kept its performance and service to a high standard - with our analysts providing their validation decision within 30 business days from submission," it said.

"Following the launch of the Net-Zero Standard in October 2021, the SBTi has received unprecedented interest from companies."

The SBTi said it is introducing a more sophisticated waiting list to deal with the added workload.

It is also raising its prices for companies based in developed countries, from around $5,000 for a company making a near-term science-based target submission to $9,500 as of February 2022.

Companies have 24 months to fulfil their commitment by submitting their target validation to the SBTi.

The average company within the SBTi has reduced its emissions by 25% between 2015 and 2020, versus a 3.4% gain in the broader economy.