The Science Based Targets initiative’s new rules have sparked mixed feelings among experts. According to reports from Reuters, SBTi has proposed new rules to assist companies in their emissions-reduction plans, but those changes do not include amendments to the organization’s strict stance on carbon credits.
Carbon credits are a way for businesses to ultimately reach their emissions goals, as companies can purchase these credits in exchange for offsetting emissions through other projects.
“Supporters of carbon credits argue they are essential to fund projects like tree-planting that lock emissions away, while critics say the impact of the projects is difficult to measure and in many cases inaccurate, meaning some do not deliver the environmental benefits they claim,” wrote Reuters.
Critics of the SBTi’s proposed rules noted that the organization’s stance on carbon credits “was holding back billions of dollars of investment in projects that remove and store carbon.”
Despite these claims, the new proposal encourages companies to pursue projects that reduce their environmental footprints and decrease carbon pollution. These changes are a way for SBTi to ultimately maintain climate ambition among companies, even if the current administration continues to shift its focus away from the environment.
“SBTi, though, said it has seen exceptional growth in the number of companies setting science-based targets and the proposed rule changes would help more smaller companies and those from emerging markets join the nearly half of organisations listed on G7 stock markets that had their targets validated by the end of 2024,” reported Reuters.
For example, one of SBTi’s proposed changes targets supply chain emissions. Under the new changes, companies can factor in their procurement strategies.
As more companies prioritize sustainability, countries can more effectively combat rising global temperatures that contribute to more intense extreme weather and increasing prices at the grocery store. By funding green projects and offsetting emissions, companies can reduce the total amount of heat-trapping pollution they spew into the atmosphere.
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