The Science Based Targets initiative (SBTi), has separated its climate target standard setting and validation activities into distinct entities.
The move is aimed at improving governance, boosting credibility and integrity and increasing capacity, and is in line with best practices for assurance bodies.
SBTi also unveiled plans to increase its target validation capacity in order to meet significant demand growth. The organization saw an increase of 87% last year in the number of companies setting targets.
Further, SBTi is in the process of appointing an independent technical council to strengthen its standard setting processes.
Luiz Amaral, CEO, SBTi, said, “The moment for accelerating corporate climate action is right now. This action must be built on trust as businesses require the highest level of credibility for their targets. This year we have witnessed the three hottest months ever recorded; we must accelerate on all fronts. When I joined last year, my key remit was to build out the SBTi’s governance, while scaling up the organization in the face of enormous demand. I am elated to have an industry leader like Francesco Starace join as our Chair and welcome all of the new appointees on this important journey.”
In addition to the structural transformation, SBTi announced a series of key governance changes, including incorporating the organization in the UK, establishing itself as independent from its founding organizations.
Founded in 2015, SBTi was formed as a collaboration between CDP, World Resources Institute (WRI), the World Wide Fund for Nature (WWF), and the United Nations Global Compact (UNGC), to establish science-based environmental target setting as a standard corporate practice.