Science Based Targets (SBT) are increasing in importance in the private sector space as part of companies’ commitment to tackle climate change within their operation and to demonstrate leadership in sustainable development. The project is aimed at taking a value chain approach to setting and evaluating targets by creating a common language and guidelines, facilitating private sector interaction to share experience and solutions to develop an inclusive guideline. The project focus in this phase is on the building and construction and power utilities sectors.
Setting SBT is seen as the private sector commitment to meet the Paris agreement for keeping temperature increase well below 2°C. In the building sector various leading companies have investigated the setting of SBT but many are faced with challenges due to value chain implications outside their direct control (Scope 3). For this reason, GHG reduction in the building and construction sector require stakeholders to take a systemic approach beyond company’s level.
The project aims a developing a common vision and language for the value chains on SBT and eventually develop guidance making it easier for companies to set SBT and ensure that their targets are aligned with the value chains expected needs. The project is central to the market transformation work area of the Global Alliance for Building and Construction (GABC).
The facilitation process aims at providing a value chain perspective and co-create a common language and shared guidelines. It makes it easier to identify common benefits, strategies and clear hotspots for fast intervention making it more cost effective maximizing impact and benefit. This will result in GHG reductions in line with the Paris Agreement requirement for a well below 2 degrees scenario.