Luiz Amaral, CEO of the Science Based Targets initiative (SBTi), sat down with the Value Change Initiative team during New York Climate Week in 2022 to share insights on what reaching Net Zero means and why credibly reporting on achieved progress is both critical and complex.
A standard to ensure we speak the same Net Zero language
90% of the global economy has made some form of Net Zero commitment. But in a space where definitions and standards around this concept can vary greatly, not all Net Zero commitments are equal.
This is why the SBTi created its Corporate Net Zero Standard. To standardise, clarify and align on a definition of what Net Zero success looks like, and to enable companies to align their plans and targets with what science tells us needs to happen to limit global temperature rise to 1.5 C°.
From Net Zero commitments to action – and how the Value Change Initiative helps
SBTi’s Net Zero standard helps set the ambition and lay out what success looks like. But the journey doesn’t stop there. Once a plan is set, companies need to act on it. This is where the Value Change Initiative plays an important role.
The Value Change Initiative works to make Net Zero value chains possible by removing barriers to accounting for value chain or Scope 3 emission reductions. It brings together leading corporates, civil society actors, recognised standards and Scope 3 experts to solve the practical challenges and co-create guidance on the consensus generated. The VCI Guidance delivers a clear and consistent approach to Scope 3 mitigation actions, enabling companies to credibly account value chain emission reductions, report impact up and down their value chains, and accurately show progress towards their science-based targets. Through the Food & Agriculture and Apparel & Footwear Working Groups, the VCI helps companies implement he FLAG Guidance and Net Zero Standard in practice.
Join the effort to make Net Zero value chains a reality
Help scale value chain action and test practical solutions by joining peer organisations and Scope 3 practitioners in one of the Value Change Initiative’s workstreams.