Two new SBTi reports aim to support the design and implementation of beyond value chain mitigation (BVCM) climate action strategies for corporations.
Titled 'Above and Beyond: An SBTi report on the design and implementation of BVCM' and 'Raising the Bar: An SBTi report on accelerating corporate adoption of BVCM', the reports are supported by a glossary of key terms to help provide the clarity needed to set climate-based targets.
The first report provide suggestions to support companies in the design and implementation of BVCM strategies to support progress towards net-zero.
It also provides illustrative examples to demonstrate how companies in a range of sectors could implement BVCM inline with the suggestions provided.
The second report explores incentives for BVCM over which the broader climate ecosystem has influence. This includes civil society, academia, policymakers, standard setters, advocacy organisations and multilateral organisations.
It also includes a toolbox for accelerating adoption and implementation of BVCM and outlines recommendations for different organisations, presenting a shared vision and “theory of change” for scaling corporate climate finance into BVCM.
SBTi noted that BVCM does not reduce companies’ Scope 1, 2 or 3 emissions but it does play an important role in net-zero targets by enabling other actors to avoid, reduce or remove greenhouse gas emissions.
SBTi explained that efforts to deliver BVCM must nor replace or delay 1.5°C-aligned corporate value chain decarbonisation plans.
Daniel Zarin, executive director for forests and climate change at the Wildlife Conservation Society, said in a statement: “Over the course of many months, SBTi has worked diligently to bring a systematic, logical approach to the amorphous world of beyond value chain mitigation claims. As part of the Expert Advisory Group, I’ve had the opportunity to learn with the SBTi as well as with and from a wide range of contributors — including fellow EAG members and hundreds of participants in the public consultation process.
“The resulting report is an important step forward and represents the best available synthesis of expertise on this complex topic. I’m particularly encouraged by the recognition and inclusion within SBTi’s BVCM guidance of the essential contributions that the world’s remaining high integrity, intact forests make to climate regulation — helping to constrain the climate crisis by keeping the earth substantially cooler than it would be without them.”
In January 2024 SBTi announced it is developing a sector-specific standard for six high impact sectors, including apparel in 2024.
In June 2023 the John Lewis Partnership claimed to be the first UK retailer to have net-zero science based targets validated by the SBTI.
