The expert working groups will provide guidance on five pivotal areas within the updated Corporate Net-Zero Standard.
This revision will undergo a comprehensive review process, which includes two rounds of public consultations and a series of pilot tests.
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These steps are designed to verify that the modifications will be practical for companies while promoting more rapid climate action.
The initial round of public feedback is scheduled to commence no sooner than March 2025, and all interested parties are encouraged to contribute their perspectives.
The establishment of new expert working groups, along with a second phase of public consultation, is intended to offer ample opportunity for input from businesses and other interested entities.
The goal is to develop an enhanced standard that is both effective and feasible for implementation, maintaining a high level of ambition.
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By GlobalDataKey focus areas for SBTi Corporate Net-Zero Standard revision
Categorisation: A new system will be introduced to tailor the standard to companies of different sizes and geographies, improving accessibility.
Progress and transparency: The updated standard will guide companies on reporting progress and updating targets in alignment with external requirements.
Value chain emissions (Scope 3): The SBTi is exploring options to refine target-setting and implementation for scope 3 emissions, considering various metrics, methods, and tools.
Neutralisation: The approach to addressing residual emissions will be strengthened through interim removal targets.
Interoperability: Clarifications will be made regarding the standard’s relationship with other SBTi standards and external frameworks.
Expert working groups and stakeholder engagement
The expert working groups will consist of specialists from business, civil society, and academia. It will focus on five critical themes for effective and ambitious target setting:
1. Scope 2: Emissions from purchased or acquired electricity.
2. Scope 3: Strategies for addressing scope 3 emissions.
3. Removals: Neutralisation and Carbon Dioxide Removal (CDR) targets.
4. Ongoing emissions and BVCM: Managing ongoing emissions through Beyond Value Chain Mitigation (BVCM) activities.
5. Data quality, assurance, and claims: Ensuring data integrity and claim substantiation.
Experts interested in contributing can apply by the deadline of 28 February 2025.
Following the Technical Council’s review, the initial draft of the Corporate Net-Zero Standard V2 will be open for a minimum 60-day public consultation, expected to start no earlier than March 2025.
Next steps
Feedback from the consultation and expert working groups will guide the refinement of the draft standard, which will then undergo pilot testing and a second round of public consultation. The final standard’s launch date will be announced after analysing the feedback from the initial consultation.
Companies are encouraged to set near-term or net-zero targets now, with the assurance that the SBTi will align commitments under the forthcoming V2 with those made under the current V1 without redundancy.
This revision process adheres to the SBTi standard operating procedure for the development of standards.
SBTi’s chief impact officer Tracy Wyman said: “Reaching net-zero is never going to be straightforward. But the guidance to get businesses there should be. The additional consultations announced today will support the development of a revised Corporate Net-Zero Standard that works for businesses and accelerates climate action. We encourage all interested stakeholders to engage with the revision process through these feedback mechanisms and welcome their input to shape the revised Corporate Net-Zero Standard.”
Last month, SBTi appointed David Kennedy as its new chief executive officer (CEO).
