Will you be the first Belgian organization to commit to ‘net-zero’ science based targets?
Draft criteria clarifying the net-zero ambition level of the Science Based Targets initiative are now released.
Who will be the first Belgian organization to commit to net-zero with Climact?
The Science Based Targets (SBT) initiative defines criteria to demonstrate the climate ambition of a company is aligned with science and scenarios to limit global warming to 2°C, “well below 2°C” or 1.5°C above pre-industrial times.
Today, new criteria are being defined to clarify when and how companies can claim for “net-zero” emissions by 2050.
As for the other scenarios, the suggested net-zero criteria are ambitious and consistent in terms of scope, rate of abatement, communication and monitoring.
To reach net-zero, there is a clear priority of action:
1. Reduce both direct and indirect emissions, at a rate typically compatible with the 1.5°C trajectory;
2. Carbon removal projects, such as CCS/CCU or land-use projects, can be used to tackle unavoidable emissions by 2050. The removal projects can be located either in or out of the company supply chain.
3. Other compensation financial mechanisms (e.g. carbon credits for avoided emissions or renewables) can be used in the transition phase towards net-zero, but are accounted neither as abatement nor as removal. Quality criteria for the approved mechanism will be key.
These criteria are currently open to comments and revision.
Climact already supported several companies to elaborate their SBT and to develop action plans to reach them.
We will also contribute to the net-zero criteria consultation.
Do not hesitate to contact us to discuss the SBT implications for your company or to ask questions about the net-zero criteria.