The Science-Based Targets initiative (SBTi) and the Mission Possible Partnership (MPP) have teamed up to scale corporate climate action in high-emitting sectors in line with the Paris climate agreement.
The technical collaboration will see the organisations provide companies in high-emitting sectors with a “simplified roadmap” for decarbonisation through the target setting process and the development of transition strategies.
They aim to support the companies to achieve emissions reduction targets at the pace and scale required to align with the Paris agreement.
The seven sectors covered by the collaboration, including transportation and industry, are responsible for more than 30% of global greenhouse gas emissions and some of them, as in the case of steel, are also being seriously affected by climate change.
SBTi and MPP believe their combined expertise will provide businesses with the “clarity and confidence” to set ambitious near and long term emission reduction targets in line with science.
Dr Luiz Fernando do Amaral, CEO of the SBTi said: “The science is clear – we are already experiencing the impacts of climate change and the only way to prevent a catastrophe and ensure a habitable future is immediate and ambitious climate action. This means high-emitting sectors adopting the SBTi and MPP frameworks to their business models and monitoring and reporting their own progress.
“Companies in these sectors have a responsibility and opportunity to drive urgent changes and enable a net zero global economy.”