Net Zero, the SBTi and Offsetting – what is the best practice in setting a robust and holistic strategy?

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Setting a robust and holistic strategy for achieving Net Zero requires a comprehensive approach that takes into account various factors, including science-based targets, the use of credible carbon offsets, and a commitment to transparency and accountability.

Here are some key steps to consider when developing a strategy:

  1. Set Science-based targets: Companies should start by setting science-based targets (SBTs) that align with the Paris Agreement’s goal of limiting global warming to 1.5°C above pre-industrial levels. The Science Based Targets initiative (SBTi) provides a framework for setting SBTs that are in line with the latest climate science.
  2. Reduce emissions: Companies should prioritize reducing their own emissions as much as possible through measures such as energy efficiency, renewable energy, and operational improvements.
  3. Consider offsetting: If there are emissions that cannot be eliminated through internal measures, companies can consider purchasing carbon offsets to balance out their emissions. However, it is important to use credible carbon offsets that meet established standards such as the Gold Standard, Verra, or Climate, Community and Biodiversity Standards.
  4. Communicate transparently: Companies should communicate transparently about their Net Zero strategy, including their emissions reduction targets, offsetting approach, and progress towards meeting their goals. This can help build trust with stakeholders and demonstrate a commitment to taking meaningful action on climate change.
  5. Monitor and report progress: Companies should establish a system for monitoring and reporting progress towards their Net Zero goals, and regularly report on their emissions, offsetting, and progress towards meeting their targets. This can help ensure accountability and allow for adjustments to be made as needed.

In summary, a robust and holistic Net Zero strategy should include science-based targets, a focus on reducing emissions, the use of credible carbon offsets, transparent communication, and a system for monitoring and reporting progress.