The Science Based Targets initiative (SBTi) is in the process of updating its flagship Net-Zero Standard and has released revised terms of reference indicating there will be a new approach to carbon removal.
One of the key areas of focus is refining the strategy around carbon removal, or what the organization refers to as “neutralization” in its communications. The goal is to clarify immediate actions companies can take to achieve the long-term goal of addressing residual emissions, as defined by scientific standards.
The revision seeks to provide clearer guidance for companies on how to achieve net-zero targets using credible, scientifically supported carbon removal and storage methods, aligning the standard with the IPCC’s opinion that removals have a role to play in the immediate future.
To gather input for these revisions, the SBTi is organizing two workshops, one during New York Climate Week and another in October in London. These workshops will play a key role in shaping the SBTi’s research on neutralization, carbon dioxide removal, and storage solutions as companies strive to meet their net-zero targets.
The feedback and insights collected during these sessions will contribute to an SBTi research paper that will guide the revision of the Corporate Net-Zero Standard. The updated draft of the Net-Zero Standard will be open for public consultation and feedback in the coming months. Until this review process is finalized, the current standard remains in effect.
Relevant: SBTi Releases Technical Publications As Part Of Corporate Net-Zero Standard Revision
The revision will also involve work on the approach towards Scope 3 emissions, which has caused contention among carbon market participants and stakeholders.
Several months ago the organization’s CEO and board of trustees announced a decision to start allowing businesses to offset their supply chain emissions via carbon credits – something that SBTi had previously rejected.
The ensuing protest of employees and some external stakeholders led to a clarification from the executive team in April, that SBTi is reviewing their use and in a research phase when it comes to using carbon credits for Scope 3.
Read more: Patch Calls On The SBTi For Clarity And Speed On Scope 3 Emissions
