Corporate Net-Zero StandardScience Based Targets initiative (SBTi) launched the Terms of Reference for the revision of the Corporate Net-Zero Standard

The Science Based Targets initiative (SBTi) launched the Terms of Reference for the revision of the Corporate Net-Zero Standard. The Terms of Reference detail the objectives, scope, deliverables, provisional timeline, and engagement opportunities during the standard revision process.

In its announcement, the SBTi outlines four key goals for the revision of the Corporate Net-Zero Standard. These are aligning with the latest scientific thinking and best practice; addressing challenges relating to scope 3 target setting and implementation; integrating continuous improvement and target delivery; and improving the structure and enhancing the interoperability with other SBTi standards and other related external frameworks.

The SBTi states that as part of the revision process, it is performing an evaluation of the effectiveness of environmental attribute certificates in corporate climate targets.

Responses from a call for evidence, which took place in 2023, and results from the assessment will feed into the Corporate Net Zero Standard revision.

The SBTi stresses that any decisions on changes to the standard will follow a strict process of research, consultation, pilot testing, approval by the technical council, and adoption by the SBTi board of trustees.

The SBTi is set to release a scope 3 discussion paper in July 2024, which will set out its initial thinking on potential changes around scope 3 target setting, including on underlying principles and concepts.

In the same month, a second paper will be released titled ‘Assessment of Evidence on the Effectiveness of Environmental Attribute Certificates in Corporate Climate Targets’.

This will present the SBTi’s assessment of the evidence received on the effectiveness of carbon credits in corporate climate targets. It is noted that potential changes to the standard as a result of the paper will be assessed through a feasibility study.

In Q424, the SBTi expects to issue the public consultation on the draft Corporate Net-Zero Standard 2.0. The feedback received from the consultation will be made public and used to inform the development of the standard.

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