The Science Based Targets Network (SBTN) has announced the release of the initial set of corporate science-based targets for nature. These targets are designed to assist companies in evaluating and prioritizing their environmental impacts while establishing a benchmark for addressing these concerns.
This development comes at a time when businesses are increasingly recognizing the importance of nature and the risks associated with biodiversity. Global initiatives to tackle nature-related issues have gained momentum, as seen with the adoption of the Kunming-Montreal Global Biodiversity Framework by world governments at the COP15 UN Biodiversity Conference in December 2022. This framework outlines goals to halt biodiversity loss, safeguard natural ecosystems, and enhance financing for biodiversity-related efforts.
Moreover, companies face growing pressure to evaluate and disclose information regarding nature and biodiversity-related matters. New reporting systems, such as the Taskforce on Nature-related Financial Disclosures (TNFD), are emerging, and the International Sustainability Standards Board (ISSB) of the IFRS Foundation plans to incorporate requirements for transparency on natural ecosystem impacts and risks into its Climate-related Disclosure Standard. The ISSB’s focus aligns with the work of the TNFD.
The SBTN is a collaboration of over 80 organizations dedicated to helping businesses and cities operate sustainably within the Earth’s limits while meeting societal needs. Its aim is to establish science-based targets (SBTs) that enable companies to transform their impact, building on the success of the emissions-focused Science Based Targets initiative (SBTi) and expanding targets beyond climate issues.
The new targets introduced by the SBTN complement existing climate targets and allow companies to take comprehensive action to address their environmental impact in the face of mounting environmental and social challenges.
The initial release of targets focuses on freshwater and land, providing companies with the means to assess their impact on freshwater quality and quantity, as well as the protection and restoration of terrestrial ecosystems. This release is part of a multi-year plan, with future targets encompassing biodiversity and oceans.
The SBTN has revealed that a group of 17 companies will pilot the validation process for these new targets. The rollout of target validation for companies outside of the pilot phase is scheduled to begin in early 2024.
Among the companies participating in the pilot phase are AB InBev, Alpro (part of Danone), Bel, Carrefour, Corbion, GSK, H&M Group, Hindustan Zinc, Holcim, Kering, L’OCCITANE Group, LVMH, Nestlé, Neste, Suntory, Tesco, and UPM.