Science Based Targets Network releases inaugural nature targets
June 2, 2023
The Science Based Targets Network (SBTN) has issued the first science-based targets for how companies measure and quantify their environmental impacts.
The goal of the targets is to empower companies to be able to take measurable action on nature and climate change.
The SBTN brings together experts from more than 60 NGOs, business associations, and consultancies, hoping to transform economic systems to enable companies to operate environmentally sustainably.
The new targets outline the initial methods, tools, and guidance for companies to evaluate and prioritise their environmental impacts. They are based on today’s best available science, including collaboration with the Earth Commission on the upcoming safe and just Earth System Boundaries.
The targets were described as “a significant milestone” in helping companies take integrated action across freshwater, land, ocean, biodiversity, and climate.
The guidance has been designed to build on companies’ existing sustainability strategies and focuses first on freshwater and land targets that can be set so companies can make changes that will support biodiversity.
A pilot will be undertaken with an initial group of 17 global companies, including Carrefour, Corbion, GSK, H&M Group, Hindustan Zinc Limited, Kering, L’OCCITANE Group, LVMH, Nestlé, Neste Corporation, Suntory Holdings Limited, Tesco and UPM.
These companies were chosen for their readiness and applicability, and they are currently preparing to submit targets for validation, with a full roll-out to all companies in early 2024.
Erin Billman, executive director of the SBTN, said: “While climate change has become a key focus of many companies’ sustainability strategies, there is now clear scientific evidence that net zero is not possible without nature.
“Companies now have the scientific guardrails to begin to take the critical action towards a net zero, nature positive equitable future. We strongly encourage them to do so.”
The new guidance comes after the EU voted to ban unsupported carbon neutral claims, prohibiting companies from using generic labels such as “environmentally friendly” or “carbon neutral” without detailed evidence in an effort to crackdown on greenwashing.
Last month, a pilot test showed the Taskforce on Nature-related Financial Disclosures (TNFD) required further guidance, as the framework designed to encourage financial institutions to disclose their impact on nature needed to give some institutions more resources to assess their climate risks.
Last Updated: 2 June 2023