Science Based Targets initiative for corporate climate protection - an overview
– ein Überblick
Defining and achieving science-based climate protection targets - the "Science Based Targets initiative" helps companies of all sectors and sizes to do this. We at Vattenfall have also joined the initiative and are involving our supply chains and our customers in our efforts.
March 2024
The Science Based Targets initiative (SBTi) is a joint initiative of the Carbon Disclosure Project, UN Global Compact, the World Resources Institute and the WWF. This independent, global body develops methods and criteria for effective climate protection in companies and helps to validate self-defined sustainability targets. The SBTi methodology shows how much and how quickly companies need to reduce their greenhouse gas (GHG) emissions in order to achieve the goals of the Paris Climate Agreement.
The climate agreement aims to limit the global temperature rise to below 2°C compared to pre-industrial levels. The goal is actually much more ambitious - namely to limit warming to a maximum of 1.5°C. To achieve this, greenhouse gas emissions should be halved by 2030 and even reduced to zero by 2050. This is the only way to avoid the catastrophic effects of climate change.
SBTi encourages companies of all sectors and sizes to join the movement and commit to setting a science-based target. The initiative recognises the differences between business sectors and is therefore developing sector-specific pathways. Of course, companies from high-emission sectors are particularly welcome, as they play a crucial role in the transformation to a zero-carbon economy.
Vattenfall's ambitious targets - for us and our customers
For Vattenfall, the same applies: net zero emissions in 2040 - not only for Vattenfall's own heat and electricity generation, but also for all other emissions associated with operations. This includes, for example, emissions in the supply chains in connection with growth investments in new fossil-free energy generation as well as emissions from the supply of fossil gas to private and business customers. Vattenfall's ambitious commitments to achieve net zero by 2040 across the value chain have already been confirmed and certified by the SBTi panel.
Help with the greening of energy supplies
In the commodity business, we would also like to offer our customers and trading partners SBTi-oriented support - on the one hand via our trading in green electricity certificates (HKN) and verified emission reductions (VER), and on the other via an energy service in which we require and verify the cancellation of corresponding certificates for every megawatt hour traded. Of course, Power Purchase Agreements (PPAs) can also be integrated into our own green procurement.
Commitment to climate protection
To summarise, we are convinced that reducing greenhouse gas emissions in line with climate science benefits both the planet and companies. Benefits of science-based target setting:
- is aligned with future growth,
- saves money,
- makes you resilient to regulation,
- boosts investor confidence,
- promotes innovation and competitiveness and
- demonstrates concrete commitments to sustainability to increasingly conscious consumers.
Companies that go through the target validation process will also receive detailed feedback and support from SBTi experts.
Signing the SBTi commitment letter means immediate recognition as "committed". And when do you commit?
Do you have questions about the Science Based Targets Initiative? Please feel free to contact us!