SBTi Publishes Terms of Reference for Corporate Net-Zero Standard Version 2.0
The Science Based Targets initiative released the Terms of Reference for the major revision of its Corporate Net-Zero Standard, setting out objectives, scope, timeline and stakeholder engagement opportunities. The revision of Version 2.0 is being conducted for the first time under the SBTi's formal Standard Operating Procedure.
The revision carries four primary goals: aligning the standard with the latest science including IPCC findings and the UN High Level Expert Group on net-zero commitments; addressing Scope 3 target-setting challenges; integrating continuous improvement and target delivery mechanisms; and improving interoperability with other SBTi standards and external frameworks. As part of the revision, the SBTi is also conducting an evidence-based assessment of the effectiveness of Environmental Attribute Certificates (EACs) in corporate climate targets, building on a 2023 open call for evidence.
The Corporate Net-Zero Standard is the most widely used framework for companies to set net-zero aligned science-based targets. Over 4,000 companies globally had validated targets at the time of the revision announcement. The two-to-five-year regular review cycle mandated in the SOP means the current Version 1.2 remains fully valid throughout the revision process. No changes will take effect until approved by the Technical Council and adopted by the Board of Trustees.
A draft revised standard was expected to be released for public consultation by end of 2024. The SBTi published a Project Feedback Form to allow continuous stakeholder input throughout the process. The Call for Evidence submissions summary was updated in May 2024 to reflect a shift in publication from Q2 2024 to July 2024. All interested parties, including companies and civil society organisations in India and the broader Asia-Pacific region, are encouraged to participate in the forthcoming consultation.
Key figure — Every 2-5 years mandatory review cycle under the SBTi Standard Operating Procedure
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