”Net Zero? Not So Fast” Says SBTi
Overview
Whenever we speak with a sustainability professional at a large or medium-sized company, we are consistently confronted with an almost unwavering reverence for or fear of the SBTi without fully understanding the ramifications. While I am fully supportive of decarbonisation and climate action, we find SBTi’s rules overly focused on the possibly unattainable Zero.
This may cause organisations to delay achieving Net Zero, most likely indefinitely, and feel that this is ok because they are aligned with their SBTi obligations, with BVCM being a largely ignored add-on.
As far as the planet is concerned (and indeed us), there is no Beyond Value Chain, and not understanding this is potentially hindering capital to projects around the world.
We imagine the organisation’s leaders don’t allow inside/outside contribution claims as they feel this is an easy way out. Our experience is that the groups funding contributions are the ones who are decarbonising fastest, so we believe the SBTi are perhaps being a bit unfair on companies and the planet by not allowing firms to use all the tools they can to become Net Zero as quickly as possible.
Net Zero is a state, not a target.
We fully agree with the SBTi’s position that carbon credits, or other ways of compensating for emissions, are supplementary, not a substitute for decarbonisation. However, we strongly disagree with the SBTi’s requirement that the majority of emissions (~90%) must be reduced before removal credits can be used to offset un-abatable emissions.
Our issue is that the emissions created and not compensated for while reaching 90% (assuming this is possible) have a significantly greater climate impact than the benefit of offsetting the residual 10% in the future for multiple years, and that is scientifically proven.
Net Zero is a state, not a target. Companies and individuals should annually assess their emissions and offset them while doing their utmost to reduce them. This principle is simple and with help, not complicated. Should companies be undecided whether the SBTi is best for the future, we suggest they consult the more scientific Oxford Principles to ensure a genuine climate impact.
We are not aiming to dissuade groups from signing up to the SBTi, or pulling out; we are just suggesting that those who do, act responsibly alongside their SBTi commitments by funding removals, reductions, and avoidance inside and outside of their perceived value chains from day one, to compensate for this year’s emissions, whatever the Scope and be Net Zero now.