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November 21, 2023

Guide to the Science-Based Targets initiative (SBTi)

The Science Based Targets initiative (SBTi) offers a roadmap for small and medium businesses to methodically reduce their greenhouse gas (GHG) emissions in accordance with the objectives set by the Paris Agreement. More than 4,000 businesses worldwide have already embraced this initiative, which provides clear guidelines on the necessary reductions and timelines to avert the most severe consequences of climate change.

To make the most of this initiative, it is critical that a business is working with an ESG & CO2e data reporting partner such as Omnevue that is committed to reporting financial grade, auditable data. Data that everyone can trust.

Streamlined Process for SMEs

While SBTi may seem like a daunting prospect for SMEs with limited resources, from January 2024 the process for small businesses will be streamlined compared to their larger counterparts.  

Register here for your free SBTi tool and find out which target is right for your business.

 

Small and medium-sized enterprises (SMEs) have two options for setting targets:

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  1. Near-term Targets

Near-term science-based targets encompass absolute scope 1 and 2 greenhouse gas (GHG) emissions reduction objectives, aiming for achievement by 2030 from a predefined base year. Due to resource constraints, SMEs often find it challenging to set targets for scope 3 emissions. Consequently, SMEs are not obligated to establish near-term targets specifically for their scope 3 emissions. Instead, their commitment lies in measuring and actively reducing scope 1 & 2 emissions.

  1. Net-zero Targets

SMEs are eligible to establish net-zero targets after initially defining near-term targets that align with a 1.5°C pathway.

Net-zero targets consist of:

  • Long-term science-based targets, covering absolute scope 1, 2, and 3 GHG emissions reduction goals to be attained by 2050 from a predetermined base year.
  • A commitment to offset any unmitigated emissions once the long-term science-based target is successfully achieved.

Omnevue helps businesses gain SBTi validation

Here’s how Omnevue can help SMEs eager to embark on the SBTi journey.

  1. Assured Carbon Data

Omnevue.com provides businesses with reliable and assured carbon data. Accurate measurement is the cornerstone of effective emissions reduction, and Omnevue ensures that businesses have access to trustworthy data that forms the basis of their sustainability efforts.

  1. All-in-One ESG Audit

The platform simplifies the process by consolidating all required information following an Environmental, Social, and Governance (ESG) audit. This means that once a business has undergone the audit, by simply connecting the software apps they are already using in their business with the Omnevue platform, all the essential data for SBTi submission is readily available on the platform.

  1. Transparent Methodology and Insights

Understanding your carbon impact is crucial for meaningful emissions reduction. Omnevue stands out for its transparent methodology and insights, providing businesses with a clear understanding of how their carbon footprint is calculated. This transparency fosters informed decision-making and empowers businesses to make impactful changes.

Learn more about how we calculate your CO2e
  1. Proof of Emissions Reductions

Omnevue’s vueesg plus solution goes a step further by offering a Limited Assurance Report. This report provides an emissions inventory that can be submitted to SBTi as concrete proof of a business’ commitment to reducing carbon emissions. It adds a layer of credibility to your sustainability efforts, assuring stakeholders and customers of the sincerity of your environmental initiatives.

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