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Science Based Targets Network publishes outcomes from pilot program that saw leading companies set targets for their land and freshwater impacts
The campaign for corporates to set science-based targets for nature alongside their science-based emissions targets has taken a major step forward today, with the publication of the outcomes from the Science Based Targets Network (SBTN) first year-long corporate pilot program.
The group said the new report proved companies "now have a clear and credible pathway to take ambitious action for nature".
The pilot saw 17 global corporates from a range of industries - including AB InBev, Carrefour, GSK, H&M, Holcim, Nestle, and Tesco - set targets for reducing their impacts on freshwater and land, which were submitted for validation by the SBTN.
SBTN then assessed the targets against its agreed methodology, which aims to ensure the goals are in line with international targets to protect biodiversity and reverse nature loss.
Setting and reporting on nature-based targets is often regarded as significantly more challenging than setting greenhouse gas emissions targets. But SBTN said the pilot had delivered encouraging results, with the majority of participating companies receiving validation for some or all their targets.
"While some companies used the pilot as a chance to gain insights for future commitments, others are now preparing to publicly adopt their targets," it added.
Companies involved in the pilot now have six months to adopt their targets, which will then be made public via SBTN's target tracker on a rolling basis.
"Participating companies highlighted that setting targets helped raise corporate ambition and drive credible action for nature, including moving beyond zero deforestation to zero conversion of natural ecosystems," the group said. "They view science-based targets for nature as instrumental in establishing a foundation for measurable, comparable, and standardised approaches."
The report also detailed how in response to the pilot the SBTN improved some of its methods to address challenges with feasibility and the complexity of the target validation requirements. The updated methods, which were released in July, include strengthening confidence in prioritising areas for action, enhancing interoperability with related frameworks, offering additional support and resources, and providing clearer guidance.
Following the success of the pilot, over 150 additional companies are now preparing to set their own science-based targets for nature.
The validation of targets on land use and freshwater will also provide learnings for the next wave of target methodologies, which are set to focus on ocean impacts.
However, the SBTN warned further action from policymakers and businesses was needed to ensure nature-based targets deliver on their promise.
"Challenges flagged in the report are systemic, such as difficulty in tracing raw materials through complex supply chains and local freshwater model availability," it said in a briefing note. "Overcoming these challenges demands collective action across civil society and the broader international community to help close critical gaps, and help solve fundamental, system-wide challenges, so all companies can take ambitious action where nature needs it most."
It also called for more corporates to commit to setting credible targets for protecting nature.
"Now is the time for companies to act - responsibly, urgently, and with the ambition that matches the scale of the challenge," it said. "SBTN is calling on companies to begin their journey toward science-based targets by using its methods to understand their impacts on nature. Credible action can only happen when companies understand where their biggest impacts on nature are and can measure those impacts accurately."
You can now sign up to attend the fifth annual Net Zero Festival, which will be hosted by BusinessGreen on October 22-23 at the Business Design Centre in London.
