The Science Based Targets initiative (SBTi) is increasing its ambition level for corporate climate targets. Previously, SBTi aimed for emissions reductions in line with "well below" 2 degrees Celsius of warming; now, companies must set targets aligning with a maximum of 1.5 degrees Celsius of warming. This aligns with the Paris Agreement and emerging scientific consensus that limiting global warming to 1.5 degrees Celsius is crucial to avoid severe climate impacts. SBTi's approach covers 20% of the global economy and has driven corporate decarbonization. Companies with validated SBTi targets reduced emissions by 25% from 2015 to 2020, while global energy and industrial emissions increased by 3.4%. The new strategy aims to scale up 1.5-degree-aligned targets, focusing on high-emitting sectors and G20 countries.

Source: ESGNews