Dive Brief:
- The Science Based Targets initiative, which validates that organizational sustainability targets align with climate science, is looking for companies to pilot its draft Corporate Net-Zero Standard v2, according to a June 16 release.
- The pilot will take place across two phases, which began last week with a survey requesting companies from “all sectors and regions” to give their input. That survey will also gauge companies’ interest in participating in the subsequent trial phase using a “near-final” version of the updated net-zero standard.
- The draft v2 standard was released in March, proposing significant changes to the scope of the target-setting framework. SBTi moves to the pilot phase of the standard’s development following an open consultation phase with companies from March to June.
Dive Insight:
The draft of SBTi’s revised standard proposed separating scope 1 and scope 2 emissions and tailoring standard requirements by company size and geography, among other changes. The target-validating organization said at the time that the update looks to move company actions “from ambition to progress.”
SBTi said it received input from more than 855 stakeholders on the draft during the public consultation phase, according to a page tracking the standard’s development process. The first phase of the pilot will function as another consultation period, allowing companies to give their input as SBTi looks to “further refine” the standard.
Alberto Carrillo Pineda, SBTi’s chief technology officer, said in the release the consultation phase received “an impressive level of engagement across the ecosystem” and moving to the pilot phase will let the organization “gather more practical, first-hand insights.”
“Companies of all sizes, sectors and regions participating will be an invaluable resource, providing us with a diverse evidence base that will mean that the final draft Standard is practical for businesses and ignites even more impactful corporate climate action,” Carillo Pineda said.
The company survey portion of the pilot phase will run until Aug. 15, with the hands-on pilot expected in Q3 of this year, according to the standard development page. SBTi said this phase of the development period will help “ensure that the flagship Standard is not only scientifically robust, but also practical for businesses.”
James Boyle, CEO of strategic advisory firm Sustainable Roundtable Inc., previously told ESG Dive that his clients were “very struck” by the standard’s proposed changes. While his clients like that “it’s a high integrity, challenging standard,” Boyle said “they were definitely concerned.”
Boyle explained that many of his clients are particularly “concerned with the lack of understanding about what specifically best accomplishes what the Science Based Targets initiative recommends.”
