The Science Based Targets Network – a global coalition of 80+ environmental non-profits – has released the first corporate science-based targets for nature.
They build on and complement existing climate targets, which have been set by over 2,600 companies through the Science Based Targets initiative (SBTi).
Over 200 organisations have already helped test SBTN’s initial methods, tools and guidance through SBTN’s corporate engagement programme, including 115 companies representing over 20 sectors in 25 countries with more than €4 trillion (£3.2 trillion) in market capitalisation.
Setting, implementing and tracking progress on science-based targets for nature (covering freshwater, land, biodiversity, ocean and climate*) is a 5-step process. As part of its first release in 2023, SBTN provided detailed technical guidance for the first 3 steps of the process as follows:
• Step 1: Assess, involving materiality screening and value chain assessment.
• Step 2: Interpret & Prioritise, involving determining target boundaries, interpret and rank, prioritise, evaluate feasibility & strategic interest.
• Step 3: Measure, Set & Disclose involving model selection through stakeholder consultation, measure baseline values, determine maximum allowable pressure, set targets.
Additional guidance on the final steps will be provided in 2024 as follows:
• Step 4 Act involving avoid, reduce, restore & regenerate, transform.
• Step 5 Track involving monitor, report, verify.
*It should be noted that climate science-based targets is a separate process.
An initial group of 17 global companies, selected for their advanced level of preparedness, is already preparing to set their first science-based targets for nature this year. These include AB InBev, Alpro, Bel, Carrefour, Corbion, GSK, H&M Group, Hindustan Zinc Limited, Holcim Group, Kering, L’OCCITANE Group, LVMH & Nestlé.
The first nature targets will help companies improve their impacts on freshwater quality (with regards nitrogen and phosphorus) and freshwater quantity as well as protect and restore terrestrial ecosystems.
If your company wants to take action on nature but is not sure where to begin, we suggest a good place to start is to understand your environmental impacts with the SBTN sector-level materiality screening (part of Step 1 guidance).
