Ian C Jones
Berkshire UK • 07469018888 Ian@newgatetrading.co.uk • LinkedIn
In the quest for unlocking climate action and a sustainable future, small to medium-sized enterprises (SMEs) are emerging as key players in the battle against climate change. This blog explores the significance of Science Based Targets (SBTs) for SMEs, shedding light on the streamlined route introduced by the Science Based Targets initiative (SBTi). Let's delve into the core concepts and benefits that empower SMEs to take actionable steps towards reducing their carbon footprint.
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Science-Based Targets Demystified
What is a Science-Based Target?
Science-Based Targets are not just a buzzword but a strategic approach to curbing climate change. Aligned with the Paris Agreement, these targets aim to limit global warming to well below 2°C above pre-industrial levels and strive for a more ambitious 1.5°C. The SBTi, established in 2015, collaborates with major organisations such as CDP, UN Global Compact, WRI, and WWF to champion this cause.
SMEs: Catalysts for Change
The Crucial Role of SMEs
While larger corporations bear significant responsibility for climate change, SMEs constitute around half of the global workforce. Their collective power lies in reinforcing the message that addressing climate change is a shared responsibility. SMEs, by adopting Science-Based Targets, contribute to meeting net-zero emissions targets adopted by entities like the EU and several US states.
The financial benefits of emission reduction are undeniable. Despite the costs involved in carbon measurement and management, SMEs can reap rewards through energy efficiency improvements, affordable renewable energy adoption, and cost-effective electric vehicle fleets. These investments not only cut costs but also position SMEs as leaders in sustainable practices.
Aligning with Corporate Clients
Meeting the Expectations of Larger Companies
As large corporations set ambitious climate targets, they extend these expectations to their suppliers. SMEs play a pivotal role in aligning with the emission reduction goals of their corporate clients. This not only fosters resilience in the face of climate change but also positions SMEs as proactive contributors to a sustainable supply chain.
Streamlining SBTs for SMEs
Empowering SMEs with Streamlined Verification
Acknowledging the capacity challenges faced by SMEs, the SBTi has introduced a streamlined route for SMEs to set Science-Based Targets. Unlike the more intensive process for larger companies, SMEs can choose from two targets aligned with warming goals, simplifying the process without compromising robustness.
Balancing Act: Scope 3 Emissions for SMEs
Recognising the resource constraints of SMEs, the new approach requires them to commit to measuring and reducing emissions without strict quantified targets for Scope 3 emissions. This balanced approach ensures that SMEs consider emissions across their value chains without overwhelming smaller teams.
Conclusion
In conclusion, Science-Based Targets are a beacon guiding SMEs towards a sustainable future. By understanding the streamlined route offered by SBTi, SMEs can not only contribute to global climate goals but also enhance their competitive advantage. The journey towards a low-carbon economy is a shared responsibility, and SMEs, armed with Science-Based Targets, are pivotal players in this transformative process.
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