40% of global greenhouse gas emissions come from the electricity sector. Leading energy companies are setting ambitious targets to reduce emissions in line with a 2°C or 1.5°C scenario. Many of them are using the Science-Based Targets initiative (SBTi) to validate and announce their commitments.
We are developing a sector guidance to clarify the benefits and challenges of science-based targets for electric utilities to drive the uptake of medium- and long-term decarbonization targets.
Electric utilities recognize the importance of setting carbon reduction targets based on science but may find it challenging to align with the requirements of the SBTi. Because of this, companies are calling for a sector-specific guidance that outlines how electric utilities can set meaningful targets, particularly for Scope 3 emissions.
This project gives companies a centralized platform for understanding science-based targets. We are focused on helping utilities understand the benefits and challenges as well as methods for setting targets - particularly for Scope 3 emissions. We also work to identify how the value chain can collectively contribute to and benefit from decarbonizing the sector.
This project gives utility companies a stronger understanding of setting science-based targets. We also suggest methods for setting Scope 3 emissions targets.
The engagement process and the resulting guidance document will help more utility companies develop ambitious emissions reduction targets through collaboration and alignment.