SBTi Interim CEO Highlights Scope 3 Focus After Climate Week NYC

SBTi Interim CEO reflected after Climate Week NYC in October 2024 that private-sector stakeholders increasingly recognise climate risks to business operations, with scope 3 value chain emissions cited as the central challenge in target setting. The organisation is revising its Corporate Net-Zero Standard to improve scope 3 accountability and plans to finalise a separate entity structure as a UK-based charity.

At Climate Week NYC, the SBTi interim CEO reported sustained stakeholder interest in how the organisation can help businesses take accountability for their emissions, particularly scope 3 categories that cover upstream and downstream value chain activities. The two hurricanes that framed the event week both intensified more rapidly than historical precedents, underscoring for business leaders the physical risks of delayed action. The SBTi's Buildings Criteria, launched in August 2024, received notably positive reception from attendees, with the interim CEO describing enthusiasm around its application across steel and cement sectors.

The SBTi is finalising its separation into two entities: the SBTi as a UK-registered charity focused on standard setting, and SBTi Services Limited, which will handle target validation for companies and financial institutions once fully operational. This structural change is intended to strengthen the credibility and governance of both standard development and validation services, reducing conflicts of interest. The interim CEO described the demerger from founding partners as ongoing and a key near-term operational priority.

Looking ahead, the SBTi plans to pilot new approaches to standard setting and continue development of sector-specific standards including for the oil and gas sector, in addition to finalising the revised Corporate Net-Zero Standard and the Financial Institutions Net-Zero Standard. The interim CEO framed climate risk recognition among business leaders as an opportunity to drive faster adoption of science-based targets, particularly in sectors such as real estate, steel, cement and financial services where new or updated SBTi guidance has recently been released.

Key figure — Buildings Criteria launched August 2024, covering new constructions and existing buildings