The Science Based Targets initiative (SBTi) has released an updated suite of resources, with a particular focus on helping SMEs to set targets through a streamlined submission process which entails a simplified submission letter and less intensive scope 3 requirements.
SBTi recognises that for SMEs “setting quantified targets to reduce Scope 3 emissions and monitoring progress against them requires elaborate data collection and analysis that often goes beyond the resources available to smaller companies. So, under the new approach, SMEs will be required to commit to measure and reduce these emissions, without a strict requirement to set quantified scope 3 targets.”
This means SMEs can commit to targets through SBTi with only a detailed scope 1 and scope 2 emissions footprint, saving SMEs from undertaking a more detailed (and costly) scope 3 footprint assessment.
In response to the news, our SBT lead, Maisie Auld commented “the changes implemented by the SBTi will definitely make it easier for small businesses to get on board with Science Based Targets. However, given that scope 3 makes up the majority of most companies’ emissions, it’s still something even small companies should look at when they can. It’s often an area where huge opportunities can be found to engage with suppliers and customers in ways that add value”
The changes should be of particular interest to BCorps – who are often SMEs – given the movement’s recent commitment to leading the low-carbon transition.
If you want to find out more about how your company can set a science based target, contact us.