ACCA welcomes the opportunity to respond to the Science Based Targets initiative (SBTi) Corporate Net-Zero Standard V2 second public consultation. We are pleased to engage with SBTi on the continued development of this important standard and are encouraged by SBTi’s efforts to refine and strengthen the standard and would welcome further dialogue on these points should SBTi wish to explore any of them in more detail. Though we believe that the changes are progressing appropriately to achieve climate ambitions, ACCA is concerned by the potential administrative burden of transitioning from V1.0 to V2.0. Despite the issuance of transition guidance, with 2030 and near-term target deadlines in sight, there is a level of uncertainty around how organisations will navigate these changes. However, overall, we believe the changes to the standard demonstrate a desire to continuously improve and show commitment to environmental sustainability.
ACCA strongly supports science-based approaches to net-zero target setting. Our net-zero targets have been independently verified by the SBTi, underlining our commitment to credible climate action grounded in the latest climate science.
We have consistently voiced our stance on making meaningful reductions to emissions rather than offsetting and have taken the most transparent approach possible with our first climate action plan published and by setting year on year emissions targets. Therefore, consistent with ACCA’s focus on decarbonisation, we recommend that criteria should continue to emphasise emissions reduction pathways rather than reliance on removals or offset mechanisms. As the new limitations on carbon credits and emissions offsetting help to encourage real change.
We believe that there is scope for the SBTi to create a more tailored standard for service[1]based companies, though we recognise that by having a consistent framework by adopting 1.5 degrees-aligned targets across all Scopes (previously 2 degrees for Scope 3), this improves comparability within sectors. We recognise the complexity inherent in aligning global best practice with the diverse operational contexts of companies worldwide. We continue to encourage interoperability with global reporting standards to ensure a global baseline and improve consistency and comparability of climate-related disclosures.
Based on our review of the consultation materials and draft criteria, we highlight several issues that we believe affect the accessibility and effectiveness of the consultation process.
To read the response in full, please download the consultation document found on this page.
