Last week, the Science Based Targets initiative (SBTi) announced the launch of a six-week public consultation on beyond value chain mitigation (BVCM).
The initiative, which defines the standard for science-based target setting, particularly in the realm of corporate climate action, is looking to gain the public’s feedback on its upcoming guidance on the subject of reducing emissions outside of a company’s value chain.
According to the SBTi Corporate Net-Zero Standard, companies ought to be investing in beyond value chain mitigation on par with their efforts to meet near- and long-term emission reduction goals.
Actions that can be taken as a means of mitigating emissions that go beyond a company’s value chain include purchasing high-quality carbon credits or investing in carbon dioxide removal (CDR), such as via direct air capture or DAC.
The consultation is open to the public to ensure transparent, open, two-way communication on the subject, where all stakeholders can be involved in the conversation.
Lasting from June 19 until July 30, 2023, the consultation is open to anyone interested in contributing their opinions.
Participants are asked to complete a survey to submit their feedback, and once the consultation period is over, SBTi will review the responses before developing its final BVCM guidance.