SBTi Releases Two Reports To Support Beyond Value Chain Mitigation

SBTi Releases Two Reports To Support Beyond Value Chain Mitigation - Carbon Herald

SBTi – the collaboration between the CDP, the United Nations Global Compact, World Resources Institute and the World Wide Fund for Nature tasked to provide best practices in setting science-based climate targets, is raising the bar by providing recommendations for reducing emissions outside the value chain.

The organization released on February 28th two new reports to support the design and implementation of beyond value chain mitigation (BVCM) – or the measures that can be taken to reduce or eliminate greenhouse gas emissions outside of a company’s value chain.

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The two reports are: Above and Beyond: An SBTi report on the design and implementation of BVCM and Raising the Bar: An SBTi report on accelerating corporate adoption of beyond value chain mitigation. 

The first report provides recommendations to support companies in the design and implementation of BVCM strategies to accelerate progress towards net-zero globally. A way to do that is by supporting other economic and social actors to reduce and/or remove GHG emissions and by taking responsibility for their unabated emissions.

It also looks into the business case for companies to adopt BVCM and the opportunities it opens, and provides examples how companies from a range of sectors can implement BCVM in line with the recommendations. BVCM activities are not accounted for in the company’s scope 1 to 3 emissions and cannot be used towards achieving value-chain reduction targets. Efforts to deliver BVCM do not aim to replace or delay corporate value chain decarbonization.

The second report Raising the Bar is a complement to the first one. It explores the incentives for BVCM over which the broader climate ecosystem has influence, including civil society, academia, policymakers, standard setters, advocacy organizations and multilateral organizations. The report shares a summary of the barriers and incentives for widespread adoption of BVCM and insights on potential new incentive mechanisms. 

“SBTi’s BVCM Report is a call to action: companies must scale up climate finance. SBTi highlights the importance of transparent BVCM claims. Companies can now make a VCMI “Carbon Integrity” claim and get recognized for accelerating global net zero, by using high-quality carbon credits to go above and beyond science-aligned emissions cuts,” commented Lydia Sheldrake, Director of Policy and Partnerships at VCMI.

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The reports are also created to support the BVCM recommendations that are part of The SBTi’s Corporate Net-Zero Standard – the gold standard outlining requirements and recommendations for companies to complete when setting a science-based net-zero target. 

The SBTi will host a webinar on 21 March 2024 that will provide an overview of the new reports followed by a live Q&A.

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