https://sciencebasedtargets.org/news/sbti-releases-plans-for-the-corpora...
The Science Based Targets initiative (SBTi) has released the Terms of Reference of the major revision to the Corporate Net-Zero Standard outlining the objectives, scope, deliverables, provisional timeline, and opportunities for engagement during the standard revision process.
The development of the Corporate Net-Zero Standard Version 2.0 will be conducted according to the Standard Operating Procedure (SOP) for the Development of SBTi Standards. The update is happening in line with the regular review cycle, as outlined in the SOP, which must happen every two to five years. The SBTi has also published a Project Feedback Form to enable stakeholders to submit feedback throughout the standard revision process.
The SBTi has four key goals for the review of the Corporate Net-Zero Standard: 1) to align with the latest scientific thinking and best practice, such as from the IPCC and the UN Secretary General’s High Level Expert Group on the net zero emissions commitments of non-state entities (HLEG), 2) to address challenges related to scope 3 target setting and implementation, 3) to integrate continuous improvement and target delivery, and 4) to improve structure and enhance interoperability with other SBTi standards as well as other relevant external frameworks and standards.
As part of the revision of the standard, the SBTi is also conducting an assessment of the effectiveness of Environmental Attribute Certificates (EACs) in corporate climate targets. An open call for evidence on this topic took place in 2023, and the results of this assessment will feed into the Corporate Net-Zero Standard revision, in line with the SOP.
It should be noted that the SBTi Corporate Net-Zero Standard V1.2 continues to be the most recent and valid resource for companies to set net-zero aligned science-based targets.
No decisions have been made with regards to the revision of this standard. Any decisions on changes to the standard, will be made after a rigorous process of research, consultation, pilot testing, approval by the Technical Council and adoption by the SBTi Board of Trustees.
The key next steps for the project are outlined in the table below, along with details on how stakeholders can engage throughout the process. These are expected timings and may be subject to change. Any significant changes to this indicative timeline will be communicated on the Developing the SBTi Corporate Net-Zero Standard webpage.
