Following the Paris COP21 agreement last year, 175 countries have signed the Climate Deal with the target of limiting global warming to 1.5 degrees C. Governments are now ratifying the Agreement, which needs to be approved under domestic laws for each country.
Therefore, Science-based targets need to be established for companies to reflect the carbon reduction goals of the countries in which they operate.
The Science Based Targets Initiative is a partnership between The Cisco Discovery Protocol (CDP), UN Global Compact, World Resources Institute (WRI), and The World Wide Fund for Nature (WWF). It aims at helping businesses to determine the emissions cuts needed to help achieve global warming targets.
Tools, guidance and communication materials distilling technical information around science-based target setting are developed by the initiative, and learning opportunities as well as technical support are provided to the companies.
176 companies such as Coca-Cola Enterprises, Inc., Autodesk, Sony and Thalys have already signed up.
Science-based targets allow companies to demonstrate strong environmental risk management to their stakeholders, reduce their energy and fuel costs, understand the extent to which their business growth may be limited by carbon taxes and emissions limits, and make the business case for investment in emission reduction or energy conservation projects.