The SBTi have significantly changed their stance on the inclusion of carbon credits as part of their Corporate Net-Zero Standard, which could have vast implications for businesses looking to operate in a more sustainable manner.
The original Net-Zero Standard for corporates set by the SBTi back in 2021 entirely excluded the possibility to use carbon credits against any portion of their carbon footprint, even if only minor. Emissions were prioritised to spotlight reduction and limit removals for the purpose of neutralisation of any residual emissions. However, just three years later, the SBTi have changed their stance, stating: “SBTi recognizes that, when properly supported by policies, standards and procedures based on scientific evidence, the use of environmental attribute certificates for abatement purposes on Scope 3 emissions could function as an additional tool to tackle climate change”.
This move has come under pressure sustained from a series of reports and surveys from VCM stakeholders, who have long been keen for the body to reconsider their stance. And such a change could have significant impact for developers and investors as the market continues to grow hugely and businesses strive to seek more environmentally-friendly operational opportunities. This is something Procurri has long championed: being a certified carbon neutral organization that impacts on its clients Scope 3 reporting positively.
So what does this mean? Fundamentally, the SBTi’s decision widens the accessibility to sustainability and carbon neutrality for a wide variety of businesses. The Standard will recognise investing in carbon projects right away, which could result in immediate climate
finance investments being made. This in turn could have vital positive impacts in some of the most vulnerable communities and landscapes in the world.
The exact criteria to be eligible under the SBTi Standard is yet to be confirmed, but the relaxation in position is a good indication of movement. It will be July 2024 before a first draft is submitted by the SBTi of their rules, eligibility, thresholds and safeguards to map out all of the detail behind the changes. In the mean time, businesses can look to streamline their operations sustainably and improve their efficiency – it will all contribute to their overall carbon neutrality efforts. How? Working with firms like Procurri is a fantastic first step. Negate the environmental impact of EOL hardware with net-zero ITAD services, extend the lifespan of equipment and avoid overconsumption with global maintenance services and increase sustainability with modern workplace services.
Whether your organization is looking to achieve a carbon neutral standard from the SBTi or any other body, Procurri can help. Speak to a member of the team today to discuss your requirements and let us improve your Scope 3 reporting.
