In December 2015, at the Conference of the Parties 21 Climate Conference in Paris, the UN achieved a global climate agreement which requires all countries to pledge action on climate change, with the aim of keeping global warming “well below 2°C above pre-industrial levels” and endeavour to limit it to 1.5°C above pre-industrial levels.
Business has a key role to play in filling the gaps between the commitments made by Governments, and what is needed to achieve this goal, including through innovation and financing solutions.
The Science Based Targets initiative champions science-based target setting as a powerful way of boosting companies’ competitive advantage in the transition to the low-carbon economy.
It is a collaboration between the United Nations Global Compact, the Carbon Disclosure Project (CDP), World Resources Institute (WRI), and the World Wide Fund for Nature (WWF) and the We Mean Business Coalition commitments.
The initiative aims to:
- Showcase companies that set science-based targets and highlight the increased innovation, reduced regulatory uncertainty, strengthened investor confidence and improved profitability and competitiveness generated by science-based target setting
- Define and promote good practice in science-based target setting with the support of a Technical Advisory Group
- Offers resources, workshops and guidance to reduce barriers to adoption
- Independently assesses and approves companies’ targets
The Global Compact Network Australia works in partnership with the World Wildlife Fund Australia to support businesses across Australia to commit to the initiative, set ambitious targets and implement them. To get involved and join the Australian Science Based Targets Community of Practice contact us at firstname.lastname@example.org.