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PARTNER ORGANIZATIONS IN COLLABORATION WITH
Beyond Value Chain Mitigation: Raising the
bar on corporate climate action
8th Strategic Dialogue of the Carbon Market Platform
Scarlett Benson, Beyond Value Chain Mitigation Lead at the
Science Based Targets initiative (SBTi)
23rd October 2023
1
1
There are currently* more than 6000 companies committed to the SBTi
6323
companies
3696
business with
approved
targets
2518
net-zero
commitments
* As of 19th October 2023
2
2
Despite increasing adoption of science-based targets, there is still an
enormous way to go to avoid the worst impacts of climate change
Julie Jacobson / AP
Global tracked climate finance flows and the average estimated
annual climate investment need through to 2050
Source: https://www.climatepolicyinitiative.org/wp-content/uploads/2022/10/Global-Landscape-of-Climate-Finance-A-Decade-of-Data.pdf
Julie Jacobson / AP
3
3
In recognition of the need to scale climate mitigation finance, the SBTi
introduced beyond value chain mitigation (BVCM) in the Corporate Net-
Zero Standard launched in 2021
Emissions
(tCO
2
e)
By 2050 at the latest
5 to 10 years
Net-zero emissions
Neutralization of residual emissions at the net-zero target
date
Abatement within the value chain (includes removals for the forest,
agriculture and land (FLAG) sector only)
BVCM: mitigation beyond a company’s value chain (emissions
reductions and removals)
1.5°C-aligned emissions pathway
Near-term science-based target
R9 – Beyond value chain climate mitigation: Companies should take action or make investments outside their own value chains to mitigate
GHG emissions in addition to their near-term and long-term science-based targets. For example, a company could provide annual support to
projects, programs and solutions providing quantifiable benefits to climate, especially those that generate additional co-benefits for people and
nature. Companies should report annually on the nature and scale of those actions, pending further guidance.
4
4
The SBTi intends to publish corporate guidance on BVCM in early 2024 to
drive private sector climate finance at scale
FINANCING NEED
Focusing on underfinanced
mitigation
SCALE
Maximizing climate mitigation
Shutterstock
CO-BENEFITS
Supporting the SDGs
CARE India
CLIMATE JUSTICE
Addressing inequality
Pu Huang/Reuters
Peak emissions by
2025; halve emissions
by 2030
Transform the system
to achieve net-zero by
mid-century
BVCM Goals and Principles*
*Please note that the BVCM Guidance is still under development
5
sciencebasedtargets.org
/science-based-targets
@ScienceTargets Science Based Targets
info@sciencebasedtargets.org
IN COLLABORATION WITH
PARTNER ORGANIZATIONS
Thank you

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8th Strategic Dialogue of the CMP - Scarlett Benson, SBTi

  • 1. 0 PARTNER ORGANIZATIONS IN COLLABORATION WITH Beyond Value Chain Mitigation: Raising the bar on corporate climate action 8th Strategic Dialogue of the Carbon Market Platform Scarlett Benson, Beyond Value Chain Mitigation Lead at the Science Based Targets initiative (SBTi) 23rd October 2023
  • 2. 1 1 There are currently* more than 6000 companies committed to the SBTi 6323 companies 3696 business with approved targets 2518 net-zero commitments * As of 19th October 2023
  • 3. 2 2 Despite increasing adoption of science-based targets, there is still an enormous way to go to avoid the worst impacts of climate change Julie Jacobson / AP Global tracked climate finance flows and the average estimated annual climate investment need through to 2050 Source: https://www.climatepolicyinitiative.org/wp-content/uploads/2022/10/Global-Landscape-of-Climate-Finance-A-Decade-of-Data.pdf Julie Jacobson / AP
  • 4. 3 3 In recognition of the need to scale climate mitigation finance, the SBTi introduced beyond value chain mitigation (BVCM) in the Corporate Net- Zero Standard launched in 2021 Emissions (tCO 2 e) By 2050 at the latest 5 to 10 years Net-zero emissions Neutralization of residual emissions at the net-zero target date Abatement within the value chain (includes removals for the forest, agriculture and land (FLAG) sector only) BVCM: mitigation beyond a company’s value chain (emissions reductions and removals) 1.5°C-aligned emissions pathway Near-term science-based target R9 – Beyond value chain climate mitigation: Companies should take action or make investments outside their own value chains to mitigate GHG emissions in addition to their near-term and long-term science-based targets. For example, a company could provide annual support to projects, programs and solutions providing quantifiable benefits to climate, especially those that generate additional co-benefits for people and nature. Companies should report annually on the nature and scale of those actions, pending further guidance.
  • 5. 4 4 The SBTi intends to publish corporate guidance on BVCM in early 2024 to drive private sector climate finance at scale FINANCING NEED Focusing on underfinanced mitigation SCALE Maximizing climate mitigation Shutterstock CO-BENEFITS Supporting the SDGs CARE India CLIMATE JUSTICE Addressing inequality Pu Huang/Reuters Peak emissions by 2025; halve emissions by 2030 Transform the system to achieve net-zero by mid-century BVCM Goals and Principles* *Please note that the BVCM Guidance is still under development
  • 6. 5 sciencebasedtargets.org /science-based-targets @ScienceTargets Science Based Targets info@sciencebasedtargets.org IN COLLABORATION WITH PARTNER ORGANIZATIONS Thank you