The number of companies and financial institutions setting greenhouse gas (GHG) reduction targets validated by the Science Based Targets initiative (SBTi) doubled to 4,204 in 2023 (up from 2,079 in 2022). This extraordinary demand for corporate decarbonization standards and target validation services has prompted a major scale-up operation to quickly develop a broader range of trusted, credible, emissions reduction standards and increase capacity for validating companies’ targets, while aiming for the highest level of service excellence for companies and financial institutions.
Additionally, the SBTi has officially been granted charitable status by the Charity Commission for England and Wales. Previously a collaborative initiative between CDP, We Mean Business Coalition, World Resources Institute (WRI), World Wide Fund for Nature (WWF) and the UN Global Compact, the SBTi now takes its place as an independent organization alongside its partners to build out its critical role in the corporate climate ecosystem.
Following the establishment of a Technical Council to oversee Standards development, a Validation Council will also be formed to ensure independence in decision-making for target validation services. A call for members for the Validation Council, along with Terms of Reference for the Council and requirements for Council Members, will be published on the SBTi website in the coming weeks.
You can read more about the SBTi’s recent work and developments in our latest blog.
