| Pub. Date | : Dec' 2023 |
|---|---|
| Product Name | : The IUP Journal of Case Folio |
| Product Type | : Article |
| Product Code | : IJCF021223 |
| Author Name | : S Vijaya Lakshmi and Nagendra Kumar M V |
| Availability | : YES |
| Subject/Domain | : Management |
| Download Format | : PDF Format |
| No. of Pages | : 23 |
Science-Based Targets initiative (SBTi) was a step taken by leading nonprofit organizations engaged in protecting and sustaining the global environmental systems. These included the Carbon Disclosure Project (CDP), the United Nations Global Compact (UNGC), the World Resources Institute (WRI), the World Wide Fund for Nature Inc. (WWFN), and We Mean Business (WMB). WMB, a coalition, was formed to bring together all global business organizations to commit themselves to achieving the objectives of climate change initiatives. SBTi was an effort led by WMB. Its primary purpose was to aid companies in formulating their climate change strategies. This assistance was facilitated by tapping into the collective knowledge and expertise of prominent nonprofit organizations and global networks focused on environmental preservation. The SBTi achieved this through the creation of a scientifically grounded framework. The primary objective of SBTi revolved around collaborating with a network of business organizations and providing them with technical support. The initiative also directed its efforts toward cultivating a substantial collective of companies. Despite these endeavors, SBTi needed help to establish a formal institutional mechanism.
Having a network of business leaders that are committed to Science-Based targets in line with the Paris Agreement creates incredible leverage and the opportunity to apply international best practice to dramatically reduce their emissions.
- Jacinda Ardern, Prime Minister of New Zealand, in 2019i
It is encouraging to see global companies setting Science-Based target in line with the Paris Agreement. The science is clear current levels of ambition are insufficient and businesses have a role to play in limiting temperature rise to 1.5 °C.
- Patricia Espinosa, Executive Secretary, United Nations Framework Convention on Climate Change (UNFCCC), in 2019ii
In 2021, Luiz Fernando Do Amaral (Fernando), Chief Executive Officer (CEO) of Science-Based Targets initiative (SBTi), expressed happiness and optimism over the functioning of the SBTi: "I joined the SBTi at a pivotal time in the fight against climate change and the SBTi's growth. After my first few months, I find myself in awe of the progress achieved, and facing a perfect storm of challenges ahead," he said.iii SBTi made a mark for its approach in bringing together several private companies across the world and getting them to commit themselves to Science-Based Targets (SBTs).1 Moreover, it got SBTi targets validated and approved through SBTi's scientific process.2