20 May 2015: The Science Based Targets initiative has launched a global campaign to recruit 100 companies by the end of 2015 to set emission reduction targets in line with climate science. While 80% of the world’s 500 largest companies are setting such targets, only the most proactive companies are doing so at the level required to meet the internationally agreed goal of limiting global temperature rise to 2°C above pre-industrial levels by 2100.

The CDP (formerly the Carbon Disclosure Project and a partner in the initiative) launched an interactive report, titled ‘Mind the Science,’ which assesses emissions targets for 70 energy intensive companies that, together, account for 9% of global carbon emissions. Twenty-eight of these companies have set reduction targets in line with climate science.

The report states that setting science-based targets is compatible with economic growth and that such targets can help drive innovation, reduce costs and enhance profitability, while addressing climate change threats to “both shareholder value and society at large.” The report adds that other potential benefits for companies include entry to new markets, alignment with climate regulation and policy, incentives for product transformation and enhanced corporate reputation.

The initiative recommends that companies use a range of methods when setting science-based targets, including the Sectoral Decarbonization Approach (SDA), which helps companies in energy-intensive sectors to set emission targets in line with their sector’s projected level of economic activity and potential for emission reductions.

The Science Based Targets initiative was formed as a response to the Intergovernmental Panel on Climate Change’s (IPCC) call to decarbonize the economy, and is a joint partnership between the CDP, the UN Global Compact, the World Resources Institute (WRI) and WWF. In 2014, these organizations joined forces to provide more comprehensive guidance including a way to illustrate the scale of mitigation required to achieve a 2°C pathway and on the differences facing each sector to achieve reductions. The first step is the target setting method presented in the report to help companies set targets based on the best science and modeling currently available. [CDP Press Release] [Science Based Targets Initiative Website] [Publication: SDA: A Method for Setting Corporate Emission Reduction Targets in Line with Climate Science] [Quick Guide to the SDA] [Mind the Science Interactive Tool] [IISD RS Story on Climate Week Paris]