A recent decision by the Science Based Targets Initiative (SBTi), permitting carbon offsetting for Scope 3 emissions of businesses with SBTi-based climate targets, has stirred controversy.
- Until now, the SBTi has ruled out the use of carbon offsets, instead emphasising the importance of deep greenhouse gas emissions cuts.
- But recently, the SBTi board of trustees released plans to allow carbon credits in their net zero standard by permitting companies to use them to offset emissions from their supply chains, known as scope 3 emissions.
Science Based Targets initiative (SBTi)
- The Science Based Targets initiative (SBTi) is a corporate climate action organization that enables companies and financial institutions worldwide to play their part in combating the climate crisis.
- It certifies whether a company is on track to help limit global heating to under 1.5C.
- It develop standards, tools and guidance which allow companies to set greenhouse gas (GHG) emissions reductions targets in line with what is needed to keep global heating below catastrophic levels and reach net-zero by 2050 at latest.
- The SBTi is incorporated as a charity, with a subsidiary which will host our target validation services.
- Its partners are CDP, the United Nations Global Compact, the We Mean Business Coalition, the World Resources Institute (WRI), and the World Wide Fund for Nature (WWF).
