Achieving Net Zero & Science Based Targets
Achieving Net Zero by 2050, in line with the Paris Agreement, is the UKs legal target. As a planet, we will reach Net Zero when the amount of carbon dioxide (CO2) we emit does not outweigh the amount that is removed from the atmosphere.
It is widely considered best practice to set science-based targets (SBTs) on your journey to Net Zero. However, we recognise that not all organisations are ready to take this step. We work with organisations to develop bespoke carbon reduction roadmaps, outlining the steps and setting goals required to deliver a reduction in emissions to achieve Net Zero, as well the setting of SBTs.
Achieving Net Zero & Science Based Targets
Achieving Net Zero by 2050, in line with the Paris Agreement, is the UKs legal target. As a planet, we will reach Net Zero when the amount of carbon dioxide (CO2) we emit does not outweigh the amount that is removed from the atmosphere.
It is widely considered best practice to set science-based targets (SBTs) on your journey to Net Zero. However, we recognise that not all organisations are ready to take this step. We work with organisations to develop bespoke carbon reduction roadmaps, outlining the steps and setting goals required to deliver a reduction in emissions to achieve Net Zero, as well the setting of SBTs.
Net Zero Roadmap
- To set near-term SBTs: 510-year emission reduction targets in line with 1.5°C pathways.
- To set long-term SBTs: Targets to reduce emissions to a residual level in line with 1.5°C scenarios by no later than 2050.
- Offsetting: In the transition to Net Zero, companies should take action to mitigate emissions beyond their emission scopes through the purchase of avoidance credits.*
- Residual emissions: After the company has achieved their long-term SBT, any residual Greenhouse Gas (GHG) emissions released into the atmosphere must be counterbalanced through the purchase of removal credits.**
*Avoidance credits
Produced by a methodology that offers a cleaner alternative project compared to the otherwise most likely course of action e.g., generating electricity via a solar or wind project emits significantly less emissions than a typical coal burner. Other avoidance methodologies include hydro, REDD+, biomass and cookstoves.
**Removal credits
Produced by a methodology that directly sequesters carbon from the atmosphere and stores it within the system. Examples of removal methodologies include blue carbon, soil carbon and direct air capture.
*Avoidance credits
Produced by a methodology that offers a cleaner alternative project compared to the otherwise most likely course of action e.g., generating electricity via a solar or wind project emits significantly less emissions than a typical coal burner. Other avoidance methodologies include hydro, REDD+, biomass and cookstoves.
**Removal credits
Produced by a methodology that directly sequesters carbon from the atmosphere and stores it within the system. Examples of removal methodologies include blue carbon, soil carbon and direct air capture.
Net Zero Roadmap
We offer an end-to-end roadmap solution to support an organisation on their journey to achieving Net Zero status. This is split into four key stages, each with individual workstreams and deliverables:
- Footprinting and data analysis
- Science-based targets and roadmaps
- SBTi submission
- Reporting
As a part of this process, both carbon footprinting and carbon offsetting are completed on an annual basis with continuous support throughout the journey as science-based targets are set and submitted, and yearly emissions reductions are achieved.
Science Based Targets
The Science Based Targets initiative (SBTi) has launched a Net Zero standard, providing an independent assessment of corporate Net Zero target setting.
Organisations adopting the standard will be required to set both near- and long-term SBTs across Scopes 1, 2 and 3.
As of May 2022, the SBTi report that:
- 1,393 science-based targets have been set
- 3,019 organisations are taking action
- 1,057 Net Zero commitments have been made
There are 213.7 million companies worldwide, yet less than 0.001% are committed to SBTs. Here at THG Eco, we are committed to achieving Net Zero by 2050 and THG has committed to publishing science-based targets by the end of 2022.
Speak to us about how we can support you with your own sustainability journey.