Overview: Important Invoice Analysis Features Available to Users: Portfolio analytics Cost ($) Graph Summary Chart Property Analytics View Asset and building characteristics and supply contracts Review invoices with audits After automatic or manual invoice acquisition, WatchWire provides unique functionality to…Read full post
The Importance of Science Based Targets (SBTis)
In 2015, world governments signed the Paris Climate Agreement, committing to curbing global temperature rise to well-below 2°C above pre-industrial levels and pursuing efforts to limit warming to 1.5°C. To achieve this, GHG emissions must halve by 2030 – and drop to net-zero by 2050.
With 2030 less than 7 years away, we have limited time for action and every industry needs to pull its own weight. Your company can play a crucial role in lowering greenhouse gas emissions by setting a science-based target.
In this article, we’ll define science-based emissions targets, the benefits of setting them, how to go about setting your target, and how WatchWire can help your company through the process.
What is a Science-Based Target?
Science Based Targets (SBT) are a way for companies to define emissions reduction targets that rely on evidence-based data and science. Unlike the common wishy-washy “potential-based targets,” SBTs follow a “top-down” approach: they focus on the quantity of emissions that need to be reduced in order to meet the targets set out in the Paris Climate Agreement, limiting global warming to 1.5°C above pre-industrial levels. Science-based targets provide a specific, clearly-defined pathway for companies to reduce greenhouse gas (GHG) emissions, helping prevent the worst impacts of climate change and future-proof business growth.
Over two thousand companies worldwide are leading the zero-carbon transition by setting emissions reduction targets through the Science Based Targets initiative (SBTi).
What is the SBTi?
The driving force behind SBTs is the Science-Based Targets Initiative (SBTi), a partnership between the CDP, the United Nations Global Compact, the World Resources Institute (WRI), and the World Wide Fund for Nature (WWF). This joint venture develops methods and criteria for effective corporate climate action and validates corporate targets. Such targets must take into account scopes 1 and 2 according to the Greenhouse Gas Protocol Standard. If a company’s scope 3 emissions account for more than 40 percent of its total scope 1, scope 2 and scope 3 emissions, the targets must also cover scope 3.
Why Set a Science-Based Target?
Keeping to the Paris Agreement is not an easy feat, and all companies, especially those not yet established in the ESG space, require the structure that Science Based Targets provide. Setting these targets makes business sense – it future-proofs growth, saves money, provides resilience against regulation, spurs innovation and competitiveness, and boosts investor confidence. Not to mention it’s good for the planet!
Businesses who sign the SBTi commitment letter are immediately recognized as “Committed” on our website, as well as on the CDP, UN Global Compact and We Mean Business websites. The written commitment demonstrates concrete sustainability commitments to an increasingly conscious customer base, and can increase company reputation.
I’m In! How Do I Start?
Perhaps your company hasn’t set greenhouse-gas emissions targets, or you’re just starting your sustainability journey. You might find yourself overwhelmed by the technical requirements involved.
Don’t overcomplicate it! There are thousands of resources to assist your journey to a sustainable future. The Science-Based Target Initiative (SBTi) provides many free online resources and a process for creating, validating, and communicating your target.
Once your target is established and the plan set in motion, turn to an energy and sustainability management software platform like WatchWire! Our platform will help you meet your established science-based target, and also:
- Keep you on pace to reach your science-based target by clearly illustrating your progress
- Provide you with real-time or interval data monitoring to determine areas of inefficiency or track your renewable generation investments
- Measure your water, GHG emissions, and energy use
- Help you measure and verify the effectiveness of your efficiency projects
- Benchmark your efforts against national averages
- Streamline sustainability reporting with integrations to all frameworks, like LEED ARC and ENERGY STAR Portfolio Manager.
WatchWire collects, audits, analyzes, and stores all your energy, water, waste, and emissions data in one place, providing a single source of truth for your organization. With multiple integrations to LEED Arc, GRESB, ENERGY STAR Portfolio Manager, TCFD, and more, standardizing your sustainability reporting process is possible. WatchWire also provides real-time data monitoring and goal tracking capabilities, so you can see how well your sustainability measures are working and provide the most recent energy and emissions data to your investors.
To discover more about WatchWire and its capabilities, you can visit our website, blog, or resource library, request a demo, or follow us on LinkedIn, Instagram, or Twitter to keep up-to-date on the latest energy and sustainability insights, news, and resources.
Global Energy Landscape The report acknowledges that while immediate pressures from the global energy crisis have eased, the energy markets, geopolitics, and the global economy remain unsettled with risks of further disruption. Fossil fuel prices have declined from their 2022…Read full post
Defining Characteristics of BPS: --> Performance Target: either in terms of on-site energy use intensity (EUI) or annual greenhouse gas emissions— for each building type (e.g. one target for offices, another target for multifamily, etc.). --> Timeframes: Buildings subject to…Read full post
Consult our experts on how WatchWire can help with your specific needs. Request a personalized demo today.Request a Demo