Climate Workshop: Setting Your Initial Greenhouse Gas Goal
In the pursuit of a more sustainable future, setting an emissions baseline and climate target is a strategic next step for companies. This article explores practical pathways for achieving this goal, using established tools, frameworks, and sector benchmarks.
One such framework is the Science Based Targets initiative (SBTi), a widely recognized platform that enables companies and financial institutions to set greenhouse gas (GHG) emissions reduction targets grounded in climate science. The SBTi offers sector-specific pathways and temperature scoring tools to support target setting aligned with global temperature goals.
For high-emitting industries, SBTi provides 11 sector-based pathways, guiding companies on practical emission reduction routes tailored to their sector’s characteristics and benchmarks. Organizations like Freshfields use SBTi-validated targets, often including interim milestones and broader supplier engagement, which provide practical benchmarks for emissions reductions and supply chain decarbonization.
Financial institutions also have tools at their disposal, such as the SBTi Finance Temperature Scoring & Portfolio Coverage Tool, which helps measure and set targets related to portfolio emissions with alignment to temperature goals.
The CDx platform offers additional tools, peer support, and learning resources for climate action. A recent webinar discussed practical pathways for setting the first emissions reduction target, emphasizing that imperfect data is not a barrier to credible climate action.
Speakers at the webinar included Liam Salter, CEO of RESET Carbon, Yuan Chun Kew, Head of Sustainability & Safety at Frasers Property Singapore, and Tirapon Premchitt, Principal Technical Consultant at ERM Thailand. The session offered a credible, accessible starting point for structured climate action, grounded in tools, not perfection.
By the end of the session, participants gained knowledge on setting their first emissions reduction target. Companies can take action using available tools, guidance, and estimation methods to reduce emissions, ensuring a more sustainable future for all.
- Companies, such as Freshfields, can utilize the Science Based Targets initiative (SBTi) to set industry-specific greenhouse gas (GHG) emissions reduction targets, backed by climate science and sector benchmarks.
- Financial institutions can employ tools like the SBTi Finance Temperature Scoring & Portfolio Coverage Tool to measure and set targets related to portfolio emissions, aligning them with temperature goals.
- The CDx platform provides tools, peer support, and learning resources for climate action, emphasizing that despite imperfect data, credible climate action is attainable.
- By setting their first emissions reduction target using available tools, guidance, and estimation methods, companies contribute to a more sustainable future for all, ensuring that climate change and environmental-science concerns are addressed in the industry and finance sectors.
