The Science Based Targets initiative (SBTi) has launched a new strategy to increase ambition in corporate climate change targets. Previously aiming for “well below” 2 degrees Celsius, the new targets require a ceiling of 1.5°C, aligned with the Paris Agreement. SBTi’s framework covers 20% of the global economy and has driven a 25% emissions reduction among companies with validated targets. Over 600 companies, representing $13 trillion in market capitalization, have committed to the SBTi’s campaign. The focus now is on accelerating the adoption of 1.5°C-aligned targets, particularly in high-emitting sectors and Group of 20 countries. The SBTi urges all companies to set science-based 1.5°C-aligned emission reduction targets to halve global emissions within the next eight years.
Resource: https://esgnews.com/sbti-launches-new-strategy-to-accelerate-corporate-decarbonisation/