⏩ The (business) world is in #transition! With the deployment of #CSRD around the corner, many companies - including #BACA members - raise a similar question: ❔ How are #CSRD and #ScienceBasedTargets related? ❔ And how compliant are we with #CSRD if we pursue a #ScienceBasedTargets trajectory? 🙌 Good news! Our colleagues at WWF just published a new study on precisely this topic. 💡 Turns out that the methodological requirements by the Science Based Targets initiative (SBTi) correspond to, and at times even exceed, those set by the #CSRD 🎯 This makes of the SBTi an important facilitator for the development science-based #climatetargets that meet the EU's reporting requirements. More insights from the study are captured in the post below 👇 Koen Stuyck Julie Vandenberghe WWF-Belgium #committedtoact #climatechange
The world is in #transition! The COP28 global stocktake solidified transition planning as a central tool in allowing the transformation of business models for companies and financial institutions worldwide. But ambitious plans require ambitious objectives. WWF provides key technical insight into climate target setting for corporations: ➡ What are the legal requirements that exist around climate targets in the EU? ➡How can you move from simple compliance to ambitious, credible and 1.5°C-aligned climate targets? ➡What are existing tools that can simplify the process? The report issues the following three recommendations : 1️⃣ In the absence of a legal framework to standardise target-setting efforts in the private sector, SBTi provides a reference methodology for 1.5°C-aligned targets and should be used by companies and financial institutions to facilitate the definition of climate objectives. 2️⃣ The EU should develop a legal standard to normalise climate target setting efforts in the private sector. 3️⃣ It is crucial that national competent authorities (NCAs) develop a monitoring, review and validation (MRV) system to ensure accountability on climate action from companies. In the meantime, find out how to set ambitious, credible and compliant corporate climate targets in this new report by WWF: https://lnkd.in/eHgk874m
