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 Paris Aligned Targets

Wendy Lomicka's profile image
Wendy Lomicka posted 10-06-2022 10:10 AM
Hi: When disclosing 2030 Climate Targets in ESG Reporting which are not yet aligned to SBTi, are their any requirements about using language that indicates they are "Paris Aligned?"  If so, with respect to which frameworks?  Thank you.  Wendy
Lauren Uyeno's profile image
Lauren Uyeno posted 10-12-2022 12:24 PM
Hi @Wendy Lomicka! I got a hold of community member @Charles Nelson and he provided the following answer:

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Hi Wendy - if you don't have an approved SBT, I'm not aware of any guidelines to referencing the Paris Agreement or calling a target Paris aligned. It may be a question for your legal team of what they feel comfortable with.

Usually, it can't hurt to use CDP methodology which gives this as an option for describing your targets "we consider this a science-based target, and we have committed to seek validation of this target by the Science Based Targets initiative in the next two years".​​
Mandi McReynolds's profile image
Mandi McReynolds posted 10-17-2022 11:31 AM
Hi @Wendy Lomicka for science based targets/paris aligned. Great question many are working through right now. It is wise to review it with your ESG, legal, and finance team. If you plan to submit to SBTi, it begins with a submission a letter establishing your intent to set a science-based target. From that date (as of 10/19/22) you have two years to  present your target to the SBTi for official validation. Often it is easier if you have already gone through assurance of those targets prior to the two year mark for validation. If you submit your letter of commitment, you will want to make sure your team can accomplish assurance in those two years. Before submitting a letter, taking the step of establishing your baseline and determining if you can align to below 1.5 degree reduction target in alignment with Paris agreement. SBTi has strong guidance once you meet the target of 1.5 degrees (without recs /offsetting) how you can approach a net zero target after the reduction. Once you determine those steps, companies who do disclose have used language like progress towards, evaluating, submitting (or submitted) a letter of commitment, etc.  Would encourage your team to consider closely footnotes and disclaimers around how you defining those terms. Net Zero for SBTi is stricter than net zero that uses offsets and recs.  Be sure to define how you are claiming net zero in any disclosure moving forward.  There is overlap with SBTi, CDP, and TCFD. The best way to think about this is SBTi is validation and commitment for the timeline, structure, and emissions covered that align with CDP and TCFD. ​

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