SBTi Reaches 5,500 Validated Targets as Governance Transformation Accelerates

The Science Based Targets initiative has reached 5,500 companies and financial institutions with validated science-based targets globally. The milestone coincides with the appointment of a five-member independent Validation Council to oversee the initiative's newly separated target validation entity.

SBTi announced the 5,500-target milestone alongside governance disclosures for its emerging validation services entity, which is being structured separately from the standard-setting body. A new Validation Council — comprising Stefan Marinkovic, Elena Schmidt, Ann Smith, Bennett Wetch and Qiuming Xu — was appointed following an open call issued in March 2024. The SBTi also opened a call for non-executive directors for the validation entity's Board of Directors, with appointments managed by specialist recruiter Climate17. The separation reinforces the distinction between standard-setting and target validation functions.

The 5,500-target figure reflects a doubling of validated companies in 2023 alone. The rapid growth prompted a major expansion of validation services, which increased throughput while cutting average waiting times by half. Notably, almost one-third (31%) of companies with validated targets are now based in Asia, signalling a significant shift in the geographic distribution of corporate climate commitments. For India-based companies increasingly scrutinised on climate disclosures, the SBTi framework offers a globally recognised benchmark.

The SBTi expects to publish a draft revised Corporate Net-Zero Standard for public consultation by end of 2024, developed under its Standard Operating Procedure for the first time. The Financial Institutions Near-Term criteria were updated in May 2024, increasing temperature alignment ambition and adding methods to disclose and phase out fossil fuel-related activities. The initiative's CEO Luiz Amaral said formal separation of standard-setting and validation is central to positioning SBTi as a credible, independent voluntary standard-setter.

Key figure — 5,500 companies with validated science-based targets