NEWS
10/06/2024
Recently, our goals to comply with the Science Based Targets initiative (SBTi) were validated as science-based by the organization. The Science Based Targets initiative (SBTi) provides a framework for setting emission reduction targets that align with the latest climate science to meet the goals of the Paris Agreement (2015). This validation allows us to move to the next level of the initiative.
Let’s go back a few years to 2015. In December of that year, the Paris Agreement was signed, establishing objectives to limit global warming and guide countries towards a sustainable future.
The Science Based Targets initiative (SBTi) emerged from this agreement, offering companies a framework for setting emission reduction targets. Targets are considered ‘science-based’ if they are in line with what the latest climate science deems necessary to meet the goals of the Paris Agreement – limiting global warming to 1.5°C above pre-industrial levels. The initiative is supported by CDP, the United Nations Global Compact, the World Resources Institute (WRI), and the World Wide Fund for Nature (WWF).
The first step in joining the SBTi initiative is signing the commitment letter, which B.I.G. submitted at the beginning of 2023. Requirements for our sector to limit global warming to 1.5C , at the time we committed, were a reduction of at least 42% in Scope 1 & 2 emissions and at least 30% in Scope 3 emissions. The next steps involved submitting our targets, footprint and plans. SBTi experts validated our targets, ensuring GHG protocol and assumptions were applied correctly.
The journey does not end with the validation of the proposed targets. We will be reporting annually on our progress, always compared to our base year of 2021. So, it is crucial for everyone at B.I.G. to continue Shaping sustainable living, together.