Science Based Targets. (2021). From Ambition to Impact: How Companies Are Reducing Emissions at Scale with Science-based Targets [Science Based Targets Annual Progress Report]. https://sciencebasedtargets.org/sbti-progress-report-2020

Founded in 2015, the Science Based Targets Initiative (SBTi) guides companies in reducing greenhouse gas emissions. More than 1,000 companies have completed the SBTi process and committed to targets. Companies with approved targets produce 3.6% of global emissions through Scopes 1 and 2. While companies with SBTs have reduced Scope 1 and 2 emissions 25% since 2015, global emissions from energy and industrial processes grew 3.4% over the same period.

More transparency is needed from companies on their emissions reductions progress. Standardization of reporting is needed to make company reports comparable.

Keeping global warming to 1.5C or below benefits businesses by

• Increasing economic stability,
• Reducing flood and extreme weather risks,
• Reducing workforce exposure to extreme heat, drought, and food stress,
• Reducing risk of water shortages.

Of the companies with SBTs, 373 (41%) are aligned with a target consistent with keeping global warming below 1.5C.

In the majority of sectors, the largest emissions source is Scope 3, either upstream or downstream from the focal company’s operational emissions. 69 companies have set supplier engagement targets requiring suppliers set SBTs.