The Science Based Targets initiative (SBTi) is an initiative launched by CDP, the United Nations Global Compact, the World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). It is a framework that defines best practice in emissions reduction and carbon neutrality according to current science. The government now wants to investigate the industry's work with Science Based Targets. Ecogain has been commissioned to participate in the reference group for the government assignment that aims to gain a greater understanding of the business community's use and implementation of SBTi.
The Science Based Targets initiative helps companies and organizations set targets for their climate work that are in line with what is required to meet the objectives of the Paris Agreement under the United Nations Framework Convention on Climate Change. In the Paris Agreement, a majority of the world's countries committed to limit global warming to 1.5°C. In December 2022, the UN Convention on Biological Diversity adopted the Kunming-Montreal Global Biodiversity Framework. In early 2023, the Science Based Targets Network will launch a sister framework to SBTi, SBTN (Science Based Targets for Nature), which aims to support companies in mapping their impact on and setting targets for biodiversity.
The government assignment "Companies' strategic climate transition - Effects, lessons learned and policy implications" aims to investigate the strategic work of the business sector for the climate transition. The assignment aims to identify how Science Based Targets affect the pace of the climate transition, what motivates companies to join the initiative, what implementation strategies companies use and what role the state has in the work ahead.
Ecogain's representative in the reference group is Carly Smith, an expert analyst in industrial policy with a focus on sustainability and internationalization. With extensive experience from the Government Offices and analytical agencies, Carly will have an advisory role in the project.
"It is crucial to gain a deeper understanding of companies' work on Science Based Targets for the climate transition in order to effectively support them in further developing biodiversity targets. In addition, there is overlap between the two frameworks, as climate change is one of the top five drivers of biodiversity loss", says Carly Smith.
The government assignment is planned to run throughout 2023. The reference group also includes WWF, IVL, KTH, Danske bank, 2050 consulting, the Ministry of Enterprise and Innovation and Vinnova.
