Science-based targets for nature are an important tool for companies to demonstrate their commitment to reducing GHG emissions and contributing to a low-carbon future says Kamogelo Thumankwe
Science-based targets for nature are targets for reducing greenhouse gas (GHG) emissions set in line with the latest climate science. Companies adopt these targets to demonstrate their commitment to mitigating climate change and to show how they are contributing to the goal of limiting global temperature rise to well below 2°C.
The process of setting science-based targets.
Determine the company’s emissions baseline: The first step in setting science-based targets is to understand the company’s current emissions levels. This includes quantifying emissions from all sources, such as energy consumption, transportation, and waste.
Choose a target-setting method: There are several methods available to determine science-based targets, including the SBTi methodology, the Climate Disclosure Project (CDP) methodology, and the World Resources Institute (WRI) methodology. The choice of methodology will depend on the company’s specific circumstances, including its size, sector, and emissions sources.
Develop a target: Based on the chosen methodology, the company will develop a target for reducing its GHG emissions. This target should align with the latest science on the level of decarbonization required to limit global warming to below 2°C.
Implement the target: Once the target has been set, the company must implement strategies and actions to achieve it. This may involve making changes to operations, investing in low-carbon technologies, or partnering with suppliers to reduce emissions.
Monitor and report progress: The final step is to regularly monitor and report on the company’s progress in reducing emissions. This includes quantifying emissions, tracking progress towards the target, and reporting on the company’s performance to stakeholders.
Science-based targets are an important tool for companies to demonstrate their commitment to reducing GHG emissions and contributing to a low-carbon future. By following a rigorous, science-based approach, companies can ensure that their emissions reduction targets are aligned with the level of decarbonization required to prevent dangerous levels of global warming.
It’s important for fashion companies to set science-based targets for various reasons;
- Reputation: Companies that adopt science-based targets demonstrate their commitment to mitigating climate change and their efforts to be more sustainable. This can improve their reputation with consumers and investors, and can help them to stand out in a competitive market.
- Compliance: In many countries, companies are required to report their GHG emissions and set targets for reducing them. Adopting science-based targets can help companies to comply with these regulations.
- Cost savings: Reducing GHG emissions can lead to cost savings for companies, for example through energy efficiency improvements or the use of renewable energy.
- Better understanding of risks: Understanding the risks associated with climate change and setting science-based targets can help companies to better understand the potential impacts on their business, and to make informed decisions to mitigate these risks.
In conclusion, setting science-based targets is important for fashion companies to demonstrate their commitment to mitigating climate change, to comply with regulations, save costs, and to better understand the risks associated with climate change.
Fashion companies that adopt science-based targets can set themselves apart as leaders in sustainability and can contribute to the global effort to limit global temperature rise to well below 2°C.
Feature Photo by Jeremy Bishop on Unsplash
