This is part of a 2-part series exploring Science Based Targets. To read part 1 of the series, click here.
The Business Case for Setting a Science Based Target
If setting a validated science-based target is such hard work, why are hundreds of corporations across the globe committed to setting targets? Reducing GHG emissions to limit warming not only protects our planet, but is also good for business. The Science Based Targets initiative (SBTi) identifies four key business benefits for setting a target:
- Increased innovation
- Reduced regulatory uncertainty
- Stronger investor confidence and credibility
- Improved profitability and competitiveness
Corporations across retail, food and beverage, healthcare and pharmaceuticals, finance, technology, industrial and many more sectors have made commitments or are committed to setting SBTis. The initiative encourages corporations to take action as industry leaders as science-based targets become standard practice for goal setting. The ambitious commitments demonstrate a corporation’s commitment to its diverse stakeholders while ensuring its operations are sustainable for long-term growth and viability.
Examples of Science Based Targets
- American multinational technology company Microsoft commits to continue annually source 100% renewable electricity through 2030. Microsoft also commits to reduce Scope 3 GHG emissions intensity per unit of revenue 30% by 2030 from a 2017 base year and to avoid growth in absolute Scope 3 emissions.
- American apparel and footwear company VF Corporation commits to reduce absolute Scope 1 and 2 GHG emissions 55% by 2030 from a 2017 base year. VF Corporation also commits to reduce absolute Scope 3 GHG emissions from purchased goods and services and upstream transportation 30% by 2030 from a 2017 base year.
- German global automobile marque Mercedes-Benz AG commits to reduce absolute Scope 1 and 2 GHG emissions 50% by 2030 from a 2018 base year. Mercedes-Benz AG commits to reduce Scope 3 GHG emissions from use of sold products 42% per vehicle kilometer by 2030 from a 2018 base year.
Is your company committed to setting a science-based target? Have you set a target and are looking for how to most effectively utilize renewable energy to help meet the target? Edison Energy can work with your team to develop a strategy for setting and/or achieving your goals. In addition our team can craft solutions to address Scope 1, 2, and 3 emissions across your operations. Please reach out to Shannon.Weigel@EdisonEnergy.com to learn more.