The Science Based Targets initiative (SBTi) is updating its Corporate Net-Zero Standard to refine how companies neutralize residual emissions. This revision, building on the original 2021 framework, aims to enhance corporate transparency and credibility in the net-zero journey. The SBTi focuses on clarifying effective carbon removal and storage solutions, aligning with the latest climate science, including insights from the IPCC’s Sixth Assessment Report. 

A key element of the update is the refinement of the neutralization approach, guiding companies on how to manage emissions that cannot be further reduced. To shape this revised guidance, SBTi is hosting two workshops—one during Climate Week NYC and another in London this October. These sessions will gather insights from industry experts on the role of carbon dioxide removal (CDR) technologies in achieving net-zero. 

Additionally, the updated Standard will ensure that companies’ net-zero targets reflect the most current scientific findings, particularly in terms of Scope 3 emissions—indirect emissions within the value chain. Regular review cycles for targets will promote continuous improvement, enhancing the accountability and robustness of corporate net-zero strategies. 

Public consultation for the draft revision is anticipated in late 2024 or early 2025, allowing global stakeholders to contribute feedback. The final version of the Corporate Net-Zero Standard 2.0 is projected for release in Q4 2025, accompanied by updated tools for target-setting and a comprehensive report summarizing stakeholder input. These enhancements aim to support companies in their decarbonization efforts, ensuring effective and credible net-zero commitments in line with global climate initiatives. 

Sources: 

https://esgnews.com/sbti-enhances-corporate-net-zero-standard-to-refine-emission-neutralization/ 

https://sciencebasedtargets.org/news/the-sbti-corporate-net-zero-standard-revision-expanded-to-refine-approach-to-neutralization