Establishing a Clear Framework for Planning, Measurement, and Improvement
Scientists and other experts forecast dangerous climate conditions and humanitarian crises stemming from drought, rising sea levels, and extreme heat. The 2015 Paris Agreement commits countries to limit the global average temperature increase to well below 2°C above pre-industrial levels, and to aim for 1.5°C. Companies have a pivotal role in mitigating climate risk by setting targets and achieving them over the next two decades. Multiple target-setting methodologies exist but the most accepted approach is the Science Based Targets initiative (SBTi). Though most companies around the world are setting targets voluntarily, the European Union has mandated targets via various regulations.
Canopy Edge Engagement Framework: Target Setting
Initiate
- Provide target-setting options
- Review potential frameworks
- Evaluate current climate-related commitments
- Collect historical and future business growth projections
Process
- Develop BAU Scope 1, 2, 3 trajectories
- Benchmark
- Select target options
- Calculations
Outcome
- Final report delivery
- Present and collaborate on target decision
- Base and target years set
- Optional: prepare SBTi application