The IPCC (2018) Special Report on Global Warming provided a clear warning message. We must limit global temperature rise to 1.5°C above pre-industrial levels and reach net-zero greenhouse gas (GHG) emissions by 2050 for the best chance of avoiding catastrophic climate breakdown.
The number of organisations (e.g. corporations, NGOs, cities) committing to reach net-zero emissions has grown rapidly. However, not all net-zero targets are equal. To help provide clarity on how best to strive for 1.5°C pathways, Version 1.0 of the SBTi Corporate Net-Zero Standard was launched in October 2021.
Because the rigor and completeness of GHG accounting directly influences an organisation’s ability to manage and disclose its climate-related risks, GHG accounting and disclosure frameworks could adopt more sophisticated accounting practices, improving risk management and transparency.