SCIENCE-BASEDNET-ZEROScalingUrgentCorporateClimateActionWorldwideSCIENCEBASEDTARGETSINITIATIVEANNUALPROGRESSREPORT,2021PUBLISHEDMAY2022AbouttheScienceBasedTargetsinitiativeandthisreport3ForewordfromtheSBTi’sCEO,Dr.LuizFernandodoAmaral4Executivesummary5Chapter1:Ayearofexponentialgrowth9Chapter2:Reachingacriticalmass20Chapter3:Science-basedtargetsresultinbiggestemissionsreductiontodate26Chapter4:Addressingsystemicchallengestoscience-basedtargets31Theroadto205038Methodologyforassemblingper-companyandper-targetdata40Appendix:Progressresultsofnear-termscience-basedtargets202142Disclaimer42CONTENTS2SBTiProgressReport2021ABOUTTHESCIENCEBASEDTARGETSINITIATIVEANDTHISREPORTTheScienceBasedTargetsinitiative(SBTi)isaglobalbodyenablingbusinessestosetambitiousemissionsreductiontargetsinlinewiththelatestclimatescience.TheinitiativeisacollaborationbetweenCDP,theUnitedNationsGlobalCompact,WorldResourcesInstitute(WRI)andtheWorldWideFundforNature(WWF),andoneoftheWeMeanBusinessCoalitioncommitments.TheSBTi’sgoalistoprovidecompaniesworldwidewiththeconfidencethattheirclimatetargetsaresupportingtheglobaleconomytohalveemissionsby2030,andachievenet-zerobefore2050.TheSBTiisnowevolvingtobecomeaglobalstandardsetter,ensuringthehighestambitionincrediblecorporateclimatetargetsetting.Itdefinesandpromotesbestpractice,offersresourcesandguidancetoreducebarrierstoadoption,andindependentlyassessesandapprovescompanies’targets.Toensuretheintegrityoftargets,theSBTi’stargetvalidationprocessfollowsarigorousprotocolalignedtoregularlyupdatedcriteriabasedonthelatestclimatescience.ThisreportshowshowtheSBTihasrisentothechallenge,andbecametheglobalbodyenablingbusinessestosetambitiousemissionsreductionstargetsinlinewiththelatestclimatescience.Thereportisstructuredinfourchapters:chapteronehighlightsgrowthinapprovedscience-basedtargetsandcommitments,chaptertwoshowsthatwehavereachedacriticalmass,chapterthreeshowcasesprogresstodateondeliveringagainsttargetsandchapterfourexplainshowtheSBTiisrespondingtokeychallengesaroundtheadoptionofscience-basedtargetsbycompaniesworldwide.Thisreportusesanumberofdatasources,includinginformationaboutcompaniesandfinancialinstitutionsprovidedtotheSBTi,publicCDPdisclosuredata,informationretrievedfromcompanysustainabilityreportsandwebsites,andpubliclyavailabledataonglobalemissionsandmarketcapitalization.Allchaptersandfootnotesprovideinsightsandclarificationsonhoweachanalysiswasconductedandthedatasourcesused.WhilethedatausedinthereportgenerallyhasaDecember312021cut-offdate,thedatausedinchapterthreeandtheappendixcontainsprogressonnear-termtargetsasofJuly312021.TheSBTicontinuestogrow,withmorecompaniescommittingandsettingtargetseveryweek.Analysisofprogressofscience-basedtargetsbeyondJuly2021willbedetailedinfuturereports.AccenturesupportedtheSBTiinthedevelopmentofthisreport,includingwithdatacollection,analysis,insightsandfinalproduction.TheSBTiProgressReportisreleasedannually.PreviousreportscanbeviewedontheSBTiwebsite.DISCLOSUREINSIGHTACTIONPartnerorganizationsPartnerorganizations3SBTiProgressReport2021IampleasedtopresenttheSBTi’s2021ProgressReport.IjoinedtheSBTiatapivotaltimeinthefightagainstclimatechangeandtheSBTi’sgrowth.Aftermyfirstfewmonths,Ifindmyselfinaweoftheprogressachieved,andfacingaperfectstormofchallengesahead:Theincreasingurgencyoftheglobalclimatecrisis;ongoinguncertaintycausedbyCOVID-19;andconflict,particularlytheRussianinvasionofUkraine,causingmiseryandincreaseduncertaintyworldwide.Inthefaceofthesehugechallenges,Icallongovernmentofficials,NGOs,andbusinessestounitebehinddrivingurgentclimateactionalignedwith1.5°C.ThelatestIntergovernmentalPanelonClimateChange(IPCC)reportsarealltooclear:We’realreadyexperiencingthedevastatingimpactsofclimatechangeandcontinuingthecurrenttrajectoryequalscatastrophe.Atthiscriticaltime,wecannotletourselvesbedivided.Wemustwork,throughcollaboration,healthydebateandscientificresearch,toachievethepaceandscaleofemissionsreductionswedesperatelyneed.ItispartoftheSBTi’sDNAtofosterthatcollaboration,whichisfundamentaltoourworkandthedevelopmentofourrobustmethodsandguidelines.Wealsofulfilltheroleofstandardandqualityassurer,drivingcorporateambitionfromsimplydoingsomethingtotackleclimatechangetodoingenoughinlinewiththeGlasgowClimatePact,theParisAgreementandbest-in-classscience.Our2021annualreportclearlydemonstratesthattheSBTiismoreneededandvaluedthanever.Ourworkisgoingmainstream–companieswithapprovedscience-basedtargetsandcommitmentsnowcovermorethanathirdoftheglobalmarketcapitalization.Andourimpactisdemonstrated.In2020,COVID-19causedtheglobaleconomytoreduceemissionsby5%,whereascompanieswithscience-basedtargetscutemissionsby12%.Thisismorethanwhat’sneededtomeettheParisAgreementandGlasgowClimatePact;accordingtotheUNEnvironmentProgramme,theglobaleconomymustcutemissionsby7.6%everyyearbetween2020-2030toachieve1.5°C.Wewanttocontinueimprovingourmethodsformeasuringimpactinfuturereports,butthenumbersdemonstratethatscience-basedtargetsaredeliveringthereal-worldemissionsreductionsweneed.In2021,theSBTiHighImpactSample–whichrepresentsthelargestcompaniesbymarketcapitalizationandemissionsworldwide–reachedacriticalmass,surpassingthethresholdwithmorethanaquarter(27%)settingscience-basedtargets.However,westilllackrepresentationglobally–withthevastmajorityheadquarteredinEuropeandNorthAmerica–andinparticularsectors.Now,toachieveourmission,wemustrapidlyscaleacrosseverygeographyandsector,especiallyinhigh-emittingsectorsandemergingmarkets.Todrivetheexponentialgrowthofscience-basedtargetsworldwide,wearetransitioningtheSBTifromasuccessfulstart-upintoaconsolidatedorganizationbyevolvingourgovernance,technicalstructureandoperationalefficiencies.Wearealsocontinuingtoworkwithpartnerinitiativestodevelopsectorspecificguidance,facilitatingscience-basedtargetadoptionindifferentpartsoftheeconomy.ThefirstyearsoftheSBTisuccessfullyexpandedscience-basedtargetsfromconceptiontoadoptionbymany.Ourgoalnowistomakenet-zero,1.5°C-alignedscience-basedtargets‘businessasusual’forcompaniesworldwide.Evolvingourtechnicalgovernanceandoperationalefficiency,inlinewithbestpracticeforstandard-settingbodies,andfurtherincreasingourscientificrigorandsectoralguidelines,areessentialtoensureincreasedgrowthandimpact.IlookforwardtoworkingwithourBoard,leadership,thefantasticSBTiteam,partnersandotherstodeliverincreasedcorporateclimateactionglobally.DRLUIZFERNANDODOAMARALCHIEFEXECUTIVEOFFICER,SCIENCEBASEDTARGETSINITIATIVEFOREWORDDRLUIZFERNANDODOAMARAL4SBTiProgressReport2021EXECUTIVESUMMARYIn2021,theSBTienteredaperiodofexponentialgrowthandincreasingcorporateambition–doublingthenumberofnewcompaniessettingandcommittingtosettargetsandtriplingtherateatwhichnewtargetswerevalidated.Attheendof2021,morethan2,200companiescoveringoverathirdofglobaleconomymarketcapitalizationwereworkingwiththeSBTi–arateofmorethan110newcompaniespermonth.RECORDNUMBERSOFCOMPANIESCOMMITANDSETSCIENCE-BASEDTARGETSIN2021–THENET-ZEROSTANDARDISTHENEWCOMPASSEXECUTIVESUMMARY1Term“SBTicompanies”usedthroughoutthereportreferstocompanieswithapprovedtargetsorcommitments.2Accordingtothe‘diffusionofinnovations’theory,theSBTitakesthethresholdof20%ofasystem’smembersasacriticalmass,orpotential‘tippingpoint’,followedbyrapidadoptionofscience-basedtargetsfromtheremainingmemberswithinagivensectororgeography.High-impactcompaniesaredefinedbasedonmarketcapitalizationandemissions.Refertochapterthreeofthereportformoreinformationonthecriticalmassapproachandhigh-impactcompanies.2,253overallnumberofcompanies1,082approvedtargets1,171commitmentsThelaunchoftheSBTiNet-ZeroStandardaheadofCOP26wasamilestone,providingtheworld’sfirstframeworkforcorporatenet-zerotargetsetting.Anchoredinclimatescienceand1.5°Cpathways,theStandardrequirescompaniestomakerapidanddeepemissioncuts,throughbothnear-andlong-termscience-basedtargets.Wewantthistobecomethenewnormalforallbusinesses.DrivenbytheSBTi’sBusinessAmbitionfor1.5ºCcampaignandtheSBTiambitionupdate,themajority(80%)ofcompanieswithapprovedtargetsin2021werealignedwith1.5°C.Nearlytwo-thirds(63%)ofcompanieswith1.5°C-classifiedtargetssaytheyintendtocutemissionsatahigherratethanisrequired.Encouragingly,96%ofSBTicompanieswithapprovedscience-basedtargetshavetargetscoveringscope3emissions.1Themostimpactfulcompaniesarenowsettingscience-basedtargetsastheSBTireacheda‘criticalmass’globallyandinkeyregions,with27%ofhigh-impactcompaniessettingscience-basedtargetsworldwide.2Thesenumbersclearlyshowtheappetite,andthepotential,forcompaniestotackletheclimatecrisisviascience-basedtargets–butconsiderablymoreactionisstillrequired.AveryhighproportionoftargetsarefromcompaniesinEurope,NorthAmericaandJapan,withrelativelyfewelsewhereinAsia,AfricaandLatinAmerica.Sectorally,heavy-emittingindustriescontinuetobeunder-represented.asofDecember31202138trillioninmarketcapitalization6SBTiProgressReport2021SBTicompanieswithapprovedtargetsarereducingemissionsatanacceleratingpace,collectivelyachieving12%scope1and2emissionsreductionin2020.Thisresultedinatotal-emissionsdecreaseof29%between2015and2020(incomparisontoa25%reductionbetween2015and2019).3BeyondtheimpactofCOVIDonglobalemissions,SBTicompanieshavedeliveredexcessreductionsincomparisontotheirpeerswithintheircountries.Anannual4.2%emissionsreductionisrequiredfor1.5ºC-alignedscience-basedtargets.AtypicalSBTi-approvedcompanyhasbeenevenmoreambitiousthanthe1.5ºCtrajectory,withalinearrateof8.8%scope1and2reductionsayearduringtheperiodwithapprovedtargets.Thereis,however,agapinreportingpractices:ofthe692companiesincludedinthisyear’sanalysis,46%ofcompaniesreportedprogressonalltargets,while26%reportedprogressonatleastonetarget.For28%ofcompanies,nopublicinformationonprogressagainsttheirtargetswasfound,highlightingtheneedforharmonizedreportingagainstscience-basedtargets.4SCIENCE-BASEDTARGETSDELIVERBIGGESTEMISSIONSREDUCTIONSTODATE3TheGHGinventoriesfor2021havenotbeendisclosedtoCDPatthetimeofwritingofthisreport.Refertotheappendixformoredetailsonthemethodologyusedforthisanalysis.4FiguredoesnotincludeSMEs.FormoreinformationonSMEs,pleaserefertochapterthreeofthereport.2XFASTERthanrequired1.5oC-alignedcompaniescuttingemissionsSBTicompanieshavecollectivelyreducedemissionsby29%between2015and20207SBTiProgressReport2021TheSBTi’s2021-2025strategyaimstoclosethecurrentambitionandemissionsgapbymassivelyscalingup1.5°C-alignedcorporateclimateactioninthenextthreeyears,especiallyintheareaswhereithasbeenlackingtodate–theheaviest-emittingsectorsandemergingmarkets.TheSBTiCountryActivationandIncubatorsProjects,whichfocusonincreasingengagementinLatinAmerica,AsiaandAfrica,havealreadydeliveredpromisingresults.Scope3andadditionalsector-specificguidance,especiallyforfinancialinstitutions,arealsoindevelopmenttoenablescience-basedtargetsettinginspecificindustriesandacrossthevaluechain.Settingnet-zeroscience-basedtargetsalignedwith1.5°Cisonlyoneelementofacompany’sclimateactionjourney.Businessesalsoneedconcreteplanstoachievethemandmustreportonprogressinatransparentandconsistentway.RESPONDINGTOSYSTEMICCHALLENGESTOTARGETADOPTIONBytheendof2021,globalemissionsbouncedbackastheeconomybegantoreturnto‘businessasusual’followingCOVID-19.Theworldiscurrentlynotontracktohalveemissionsby2030.Ifwearetostandafightingchanceofkeeping1.5°Calive,allcompaniesaroundtheworld,acrossallindustries,mustnowsetnear-andlong-termscience-basedtargetsinlinewitha1.5°Ctrajectory.THEPATHAHEADSBTiisworkingtoexpandthescopeofitsclimatealignmentandcertificationframeworkfromambition(target-setting)toperformance(target-delivery)throughthedevelopmentofameasurement,reportingandverification(MRV)framework.Theframeworkwillprovideaclearandstandardizedmechanismtoassess,verifyandenhancecorporateaccountabilityonprogresstowardsscience-basedtargets.8SBTiProgressReport2021CHAPTER1:AYEAROFEXPONENTIALGROWTHSinceitsinceptionin2015,theSBTihasgrownexponentially.Theinitiativeisnowevolvingtobecomeaglobalstandardsetterforcorporateemissionsreductiontargets,providingclaritybygroundingcorporatetargetsettinginscienceandcredibilitythrougharobusttargetvalidationprocess.2021wasarecordyearfortheSBTi,asthenumberofcompaniessettingandcommittingtosetscience-basedtargetsdoubledto2,253.5Thisfigureincludes1,171companiesthatcommittedtosetscience-basedtargetsand1,082withapprovedtargets–withaglobalreachin70countriesand15industries(figuresfromDecember312021).SBTicompaniesnowcoveroverathird(35%)ofglobalmarketcapitalization–upfrom20%in2020andequalto$38trillion.62021WASARECORDYEARFORSCIENCE-BASEDTARGETSCHAPTER1:AYEAROFEXPONENTIALGROWTH2,253overallnumberofcompanies1,082approvedtargets1,171commitmentsSBTicompaniesnowrepresentmorethanathirdoftheglobaleconomyinmarketcapequalto$38trillion5AfterintroductionoftheNet-ZeroStandard,science-basedtargetsaredividedintonear-andlong-term.Throughoutthisreport,foreaseofreading,theterm“science-basedtargets”isusedtorefertonear-termtargets,meaningwithatargetyearbefore2030.6GlobalmarketcapitalizationestimatedbasedontheMSCIACWIIndexretrievedfromBloombergwhichequalstoaround$110trillionasofDecember312021.MarketcapitalizationdataofSBTicompanieswasretrievedfromBloombergwithadateofDecember312021(datacouldberetrievedfor53%outof2,253companies).10SBTiProgressReport2021ThenumberofSBTicompaniesincreasedatarecordpacein2021–threetimesfasterthanin2020.Morethan1,300companiessetandcommittedtoscience-basedtargets,atarateofover110companiespermonth,comparedwith35companiespermonthin2020.What’smore,therateofcompanies’targetvalidationmorethandoubled,from20permonthonaveragein2020,to49in2021,reflectingtheinitiative’sincreasingtechnicalcapacityandresourcestomeetdemand.In2022,theSBTihascontinuedtoexperienceexponentialgrowth.Inthefirstquarter,almost500companieshavesetorcommittedtosetscience-basedtargets.77NotethatinQ12022,selectedcompanieshavebeenremovedduetoexpiredcommitmentsandtheupdatedSBTipolicyonfossilfuelcompanies.8ThisgraphshowsthecumulativenumberofapprovedtargetsandcommitmentsonanannualbasisasofDecember312021.CompaniesthathaveapprovedtargetsandSMEsthathaveusedthestreamlinedtarget-settingprocessarerepresentedascompanieswithapprovedtargets.Thetargetapprovalandcommitmentyearsreflectthedateofthelatestcompanyupdates(e.g.ifacompanyresubmittedatarget,thegraphshowstheresubmissionyear).Thegraphexcludescommitmentsofcompanieswithexpiredcommitments(i.e.committed,butdidnotsetatargetaftertwoyears).9FortheSBTi,anSMEisdefinedasanon-subsidiary,independentcompanywithfewerthan500employees.Thisdoesnotincludefinancialinstitutionsoroilandgascompanies.In2021,therewasalsoasignificantuptakeinscience-basedtargetsbysmall-mediumenterprises(SMEs).9177SMEssettargets,comparedto29in2020.TheuptakeislinkedtotheintroductionofastreamlinedrouteforSMEstargetvalidationinmid-2020.Itenablesthesecompaniestoimmediatelysetascience-basedtargetfortheirscope1and2emissionsbychoosingfromoneoftwopredefinedtargetoptions.AlthoughSMEsarenotrequiredtosetscope3emissionsreductiontargets,theymustcommittomeasureandreducetheseemissionssources.209SMEsnowhaveapprovedtargets.ARECORDYEARFORNEWAPPROVEDTARGETSANDCOMMITMENTSAnnualcumulativenumberofcompanieswithapprovedtargetsandcommitments,2015–2021.82,5002,0001,5001,00050002015201620172018201920202021ApprovedTargets(cumulative)Commitments(cumulative)11SBTiProgressReport2021MORETHANTWO-THIRDSOFSBTCOMPANIESARE1.5°C-ALIGNEDScope1and2targetstemperatureclassificationofcompanieswithapprovedtargetsasofDecember312021.11AmajorityofSBTicompanies’scope1and2targetsarenowalignedwith1.5ºC,apositivesigninlightoftheincreasedurgencytolimitglobaltemperaturerise,aslaidoutinIPCCreportsandtheGlasgowClimatePactatCOP26.AsofDecember2021,morethantwothirds(68%)ofallcompanieswithapprovedscience-basedtargetswerealignedwith1.5ºC,incomparisonto41%in2020.10Nearlytwo-thirds(63%)ofthesecompanieswith1.5°C-classifiedtargetssaytheyintendtocutemissionsatahigherratethanisrequired,meaningtheirlinearemissionsreductionrateexceedstheSBTi’s4.2%minimumthresholdfortargetsalignedwithlimitingwarmingto1.5°Cabovepre-industriallevels.1.5°CASTHENEWNORMAL10FigurefromtheSBTi2020ProgressReport.11Totalcompanieswithapprovedtargetsequals1,082.Thegraphfocusesonscope1and2targets,asthesearethetargetstheSBTiiscurrentlyassessingagainsttemperaturepathways.Thischartreflectstheinformationofthemostupdatedcompanytargets(i.e.targetinformationaftervoluntaryambitionupdatesortargetresubmissions).68%approvedscience-basedtargets1.5OCalignedare1.5oCWell-below2oC2oC9%(98)68%(734)23%(250)i12SBTiProgressReport202112Scope3targetsdonotcurrentlyhaveatemperatureclassificationandarethereforenotincluded.INCREASINGMOMENTUMFOR1.5°CTemperaturealignmentandgrowthofofscope1and2targets,2015–2021.121.5°CalignmentbecomingmainstreamhasbeensupportedbymorethantwoyearsofcampaigningthroughBusinessAmbitionfor1.5°C.In2021,buildingontheunprecedentedgrowthinambitionthroughthecampaign,theSBTiannouncedplanstomake1.5°Cthecentralambitioninitstarget-settingframework.FromJuly2022,onlytargetsubmissionsalignedwith1.5ºCwillbeaccepted.Alreadyin2021,almost80%ofthe587approvedtargetswerealignedwith1.5°C.Furthermore,20companiesadjustedtheirtargetstoincreaseambitionthroughtheSBTi’svoluntaryambitionupdateprocessand52haveresubmittedtheirtarget,whichcanalsoincludeanincrementalupdate.1.5oCNewTargetsCumulativeWell-below2oC2oC1.5oCWell-below2oC2oC7006005004003002001002015201620172018201920202021080013SBTiProgressReport2021In2019,theSBTi,togetherwiththeUNGlobalCompactandWeMeanBusiness,launchedtheBusinessAmbitionfor1.5ºCcampaigntomainstreamtargetsettingalignedwitha1.5ºCtrajectoryandpavetheroadtonet-zero.Overtwoyears,thecampaignhasgrownexponentially,effectivelymaking1.5°C-alignedscience-basedtargetsettingthenewnormalandbringingtogetheragroupofambitiouscompaniesthatcommittedtosetnet-zerotargetsevenbeforetheNet-ZeroStandardwasreleased.AsofDecember312021,1,131companieswerepartofthecampaign,fromwhichover60%havecommitedtosetnet-zerotargets.BUSINESSAMBITIONFOR1.5°CCAMPAIGN:MAINSTREAMING1.5°CMostcompanieswithapprovedtargetswillreduceemissionsacrosstheirentirevaluechain.13Overall,almostall(96%)ofSBTicompanieswithapprovedscience-basedtargetshavetargetsforscope3emissions,asofDecember2021.14Atthesametime,16%ofcompanieshavesetsupplierengagementtargetstoincentivizetheirsupplierstosettheirownscience-basedtargets.Scope3targetsareinstrumentalinreducingemissionsatthepaceandscaleneeded.Upstreamanddownstreamvaluechainsarethelargestsourceofemissionsformostindustries–sometimesrepresentingmorethan90%,especiallyinhigh-emittingindustries.15Addressingscope3emissionsisalsocrucialtoscaletheadoptionofscience-basedtargetsinemergingeconomies,assuppliersindevelopingcountriescanbeencouragedtosetscience-basedtargets.Byrequiringcompaniestosettargets,notonlyfordirectemissions,butforentirevaluechainemissionsoverwhichtheyhaveinfluence(i.e.scopes2and3),theSBTiseekstoalignallrelevanteconomicactorsacrossavaluechainbehindacommongoal;thereforecreatingincentivesandeliminatingbarriersforbroaderParis-alignedsystemictransformation.ENGAGINGTHEVALUECHAIN78%ofvalidatedtargetsincludescope313TheSBTirequirescompaniestosetscope3targetsiftheyrepresentmorethan40%ofacompany’semissions.14839outof873companies,excludingSMEs.Thetargetsmustcoveratleast67%ofacompany’sscope3emissions.15Accenture,ReachingNet-Zero;basedonthesampleof1,022companieslistedontheEuropeanstockexchanges.BUSINESSAMBITIONFOR1.5°C14SBTiProgressReport2021TheSBTi’sNet-ZeroStandard,launchedin2021aheadofCOP26inGlasgow,isamajormilestoneforcrediblecorporateclimateaction.TheStandardistheworld’sfirstframeworktoprovidearobust,science-basedunderstandingofnet-zero,givingbusinessleadersclarityandconfidencethattheirnear-andlong-termdecarbonizationplansarealignedwithclimatescience.Itincludescriteriaandrecommendationstosupportbusinessesinsettingnet-zerotargetsthroughtheSBTi,consistentwithlimitingglobaltemperatureriseto1.5°C.TheNet-ZeroStandardrequirescompaniestotakeactionacrossfourareas:1.Setnear-termscience-basedtargets:5-10yearemissionreductiontargetsinlinewithlimitingwarmingto1.5°C.2.Setlong-termscience-basedtargets:Mostcompaniesmustreduceemissionsbyatleast90%nolaterthan2050.163.Neutralizeresidualemissions:Anyremainingemissions(e.g.upto10%notcoveredbythelong-termtarget)mustbeneutralizedwithpermanentcarbonremovals.4.Beyondvaluechainmitigation:Companiesareencouragedtotakeadditionalactionbymitigatingemissionsbeyondtheirvaluechains;forexample,bypurchasinghigh-quality,jurisdictionalREDD+creditsorinvestingindirectaircapture.InOctober2021,sevencompanies–AstraZeneca(UnitedKingdom),CVSHealth(UnitedStates),DentsuInternational(UnitedKingdom),Holcim(Switzerland),JLL(UnitedStates),Ørsted(Denmark),andWipro(India)–hadtheirnet-zerotargetsapprovedviaapilotprogramfortheNet-ZeroStandard.18Inaddition,asofDecember2021,727companieshadcommittedtosetnet-zerotargetsthroughtheBusinessAmbitionfor1.5°Ccampaign,whichwasinstrumentalinhighlightingdemandfortheNet-ZeroStandard.THEWORLD’SFIRSTFRAMEWORKFORCREDIBLECORPORATENET-ZERO16FortheForest,LandandAgriculture(FLAG)industry,aminimumof80%emissionsreductionisrequired.17Aspartofnet-zerovalidation,companiesneedtosetnear-andlong-termtargets,aspertheNet-ZeroStandardcriteria.Findoutmoreaboutthesesevencompanies’targetsatwww.sciencebasedtargets.org/companies-taking-action.“TheScienceBasedTargetsinitiative’snewNet-ZeroStandardisawelcometoolforcompaniestoensureconsistency”AntónioGuterres-UNSecretary-General15SBTiProgressReport2021GEOGRAPHICREACHOFSCIENCE-BASEDTARGETSCompanieswithapprovedtargetsandcommitmentsbyregionasofDecember312021.18NorthAmerica18%(401)LatinAmerica3%(79)Europe55%(1244)Africa1%(19)Oceania3%(61)Asia20%(449)Althoughtheinitiativeisgrowingsignificantly,uptakeisunequalacrossregions,withEuropeandNorthAmericainthelead.Acceleratingtheadoptionof1.5ºC-alignedtargetsacrossG20countriesisthereforeakeygoaloftheSBTi2021-2025strategy.Todate,somecountriesoftheG7–especiallytheUnitedKingdom,theUnitedStates,Japan,FranceandGermany–havehadthemostapprovedscience-basedtargetsandcommitments.G7countriesrepresent55%ofallSBTicompaniesoverall,withCanadaandItalystilllaggingbehind.CompaniesfromothermembersoftheG20makeupfor11%ofallapprovedtargetsandcommitments,whilenon-G20companiesmakeupoverathird(34%),showingtheneedtoincreaseeffortstofurtherengagecompaniesinemergingeconomiesanddevelopingcountries.G20COMPANIESMUSTDRIVEACTION18EuropeincludesAustria,Belgium,CzechRepublic,Denmark,Estonia,Finland,France,Germany,Greece,Hungary,Iceland,Ireland,Italy,Lithuania,Luxembourg,Netherlands,Norway,Poland,Portugal,Russia,Spain,Sweden,Switzerland,andtheUnitedKingdom.AsiaincludesBangladesh,Cambodia,China,Cyprus,India,Indonesia,Israel,Japan,Jordan,Kuwait,Lebanon,Malaysia,Pakistan,Philippines,SaudiArabia,Singapore,SouthKorea,SriLanka,Thailand,Turkey,VietnamandUnitedArabEmirates.AfricaincludesEgypt,Kenya,Mauritius,SouthAfrica,UgandaandNigeria.LatinAmericaincludesBolivia,Brazil,Chile,Colombia,Guatemala,Mexico,Paraguay,PeruandUruguay.NorthAmericaincludesBermuda,Canada,CostaRicaandtheUnitedStates.OceaniaincludesAustraliaandNewZealand.1-9%10-19%20-49%>50%16SBTiProgressReport2021G20BREAKDOWNINAPPROVEDTARGETSANDCOMMITMENTSCountryviewofG20-basedcompanieswithapprovedtargetsandcommitmentsasofDecember2021.Encouragingly,2021sawincreasesintargetadoptionandcommitmentsfromcompaniesinG20countriesthataresignificantlycontributingtoglobalemissions,suchasChinaandIndia,aswellasBrazil,SouthKoreaandSouthAfrica.05010015020025030035040045040135517612410664494543363118131296310UnitedKingdomUnitedStatesJapanFranceGermanyIndiaChinaAustraliaCanadaItalyBrazilTurkeySouthKoreaMexicoSouthAfricaRussiaIndonesiaSaudiArabiaArgentinaBold–G7countriesApprovedTargets2015-2020Commitmentsin2021Commitments2015-2020ApprovedTargetsin2021TheSBTireleasedapolicyforRussianandBelarusiancompaniesonApril192022,whichisavailableontheSBTiwebsite.17SBTiProgressReport202119IndustriesweredefinedbyassigningeachcompanysectoraspertheSBTiTargetdashboardunderanindustrycategoryfromtheCDP’sActivityClassificationSystem(CDP-ACS).Financialservicessectorwasseparatedfromtheservicessector.Industriesmarkedas‘others’includeinternationalbodies,mineralextractionandfossilfuels.20IEA,Emissionsbysector.In2021,theSBTicontinuedtoseemoreuptakeinsomeindustriesthanothers.19Companiesjoiningtheinitiativein2021werepredominantlyintheservices,manufacturing,food,beverageandagricultureindustries,whichcurrentlymakeupnearlyhalf(47%)ofallSBTicompanies.SomeofthemostimpactfulcompaniesdrivingclimateactioninthoseindustriesincludeMicrosoft,MastercardandAdobeintheservicesindustry;Nestlé,TheCoca-ColaCompanyandPepsiCoinfood,beverageandagriculture;Apple,SiemensAGandSchneiderElectricinmanufacturing;andMercedes-Benz,FordMotorCompanyandGeneralMotorsincarmanufacturing.Someindustries,suchaspowergenerationortransportationservices,aremuchmoreemissions-intensivethanothersandarestilllaggingbehind.20TheSBTiisworkingtoengagemorecompaniesinsuchhigh-emittingsectors.However,thereareanumberofnotableexamplesofcompanieswithscience-basedtargetsfromthoseindustries,suchasHolcim,SaintGobainandCemexinmaterials,andIberdrolaandEnelinpowergeneration.MOREENGAGEMENTNEEDEDINHIGH-EMITTINGSECTORSSCIENCE-BASEDTARGETSBYINDUSTRYTotalnumberofcompaniesbyindustrywithapprovedtargetsandcommitmentsasofDecember312021.46934125223420414214013411880795010050100150200250300350400450500ServicesManufacturingFood,beverage&agricultureFinancialservicesMaterialsApparelInfrastructureTransportationservicesRetailBiotech,healthcare&pharmaPowergenerationHospitalityOthersApprovedTargets2015-2020ApprovedTargetsin2021Commitments2015-2020Commitmentsin202118SBTiProgressReport202121CompaniesmaysubmitGHGinventoriesfrommultipleyearstotheSBTi,andmayresubmittargetsaccompaniedbyupdatedormorerecentinventoriesovertime.Forthisanalysis,themostrecentlyreceivedemissionsdatacorrespondingtothelatestavailableinventoryyearwasusedforeachcompany.EachcompanyisshownonthegraphwiththedatewhenitstargetswerefirstapprovedbytheSBTi.Figuresmaydifferfromlastyear’sprogressreportduetoresubmissionsfromlargeemittersoverthecourseof2021resultinginupdatedemissionsfigures.22EmissionsbycountryretrievedfromGlobalCarbonProject(Japan1,030MtCO2e,Brazil467MtCO2e).23Thisgraphshowstheemissionscoveredby863companieswithapprovedtargets.ItexcludescompanieswithtargetsapprovedthroughtheSBTi’sstreamlinedSMEroute.24Thisreferstoscope1and2targetsthatwereapprovedasofDecember2021.ThisestimateofplannedemissionsreductionsappliestothesimplifyingassumptionthatSBTicompaniesreducetheiremissionsinalinearmanner.Notethatthisisnotnecessarilyhowcompaniesachievetheirtargets.25USEPAGHGequivalenciescalculator.26Seetheclimateactiontracker:https://climateactiontracker.org/global/temperatures/.AsofDecember2021,thetotalcommittedannualemissionsreductionsacrossallapprovedscience-basedtargetswas53milliontonnesCO2e,24equivalenttotaking11millioncarsofftheroadeachyear.25Inlinewiththeincreasingnumberofcompaniessettingandcommittingtosetscience-basedtargets,therehasbeenamajorincreaseinscope1and2emissionscoverageintheSBTisince2015,asshowninthechartbelow.Theamountofscope1and2emissionscoveredbytheSBTihasincreasedmorethanten-foldbetween2015and2021,from145millionto1.5billiontonnesofCO2e.21ThisisequivalenttothecombinedannualemissionsfromJapanandBrazilin2020.22INCREASINGEMISSIONSCOVERAGEOVERTIMEDespitethemassiveuptakeofscience-basedtargetsin2021andincreasingemissionscoverage,thereisstillmuchtobedone.Currently,theworldisnotontracktoachievethegoalsoftheParisAgreement.Maintainingthecurrentlevelofglobalcorporateandgovernmentalactionwillincreaseglobaltemperaturesby3ºCby2050,spellingdisasterforpeopleandtheplanet.26Thereisaneedforamassiveaccelerationincompaniessettingscience-basedtargets,acrossallcountriesandsectors,toensuretheworldalignswith1.5ºC.INCREASEINSCOPE1AND2EMISSIONSCOVERAGESBTi-approvedcompanies’scope1and2emissionscoverage(MtCO2e)overtime.2302004006008001,0001,2001,4001,600MtCO2e(Millions)Sept201520162017201820192020Nov2021MtCO2e19SBTiProgressReport2021CHAPTER2:REACHINGACRITICALMASSAccordingtotheSBTi’stheoryofchangebasedonthe‘diffusionofinnovations’theory,adoptionofaninnovationby10-25%ofasystem’smembersisfollowedbyrapidadoptionfromtheremainingmembers.27TheSBTitakesthethresholdof20%asacriticalmass,orpotential‘tippingpoint’,forsettingscience-basedtargetswithinagivensectororgeography.Tomeasureprogresstowardsthe20%criticalmassthreshold,thisanalysisusesasampleof2,233companies,withapotential“highimpact”onclimatemitigation.The“HighImpactSample”wascuratedbyCDPin2019andconsiderscompaniesas“high-impact”basedonacombinationofgreenhousegas(GHG)emissionsandmarketcapitalization,usingtheMSCIACWIIndexasastartingpoint.28Thissamplecoversaround$67trillionworthofmarketcapitalizationandemissions,equivalenttothetotalannualemissionsoftheUnitedStatesandtheEuropeanUnioncombined.29Asthesamplerepresentsthelargest,heaviest-emittingcompanies,theyarethekeyprivatesectorplayerstobeengagedinscience-basedclimateactionduetotheirinfluenceonmarketstandards,widthofsupplychainandemissionsreductionpotential.THESBTITHEORYOFCHANGEISBECOMINGREALITYCHAPTER2:REACHINGACRITICALMASSofhigh-impactcompaniesworkwithSBTiin2021,reachingthecriticalmassIn2021,theSBTiHighImpactSamplereachedacriticalmassgloballyandinkeyregions,surpassingthethresholdwithmorethanaquarter(27%)ofhigh-impactcompaniessettingscience-basedtargets.Basedonmarketcapitalization,SBTicompaniesrepresenthalfofthehigh-impactcompanies,equivalentto$33trillionoutof$67trillion.30AsofDecember2021,598SBTicompaniesarehigh-impact,including386withapprovedtargetsand212withcommitments.Therewasasignificantuptakeofscience-basedtargetsintheHighImpactSamplein2021,with308additionalhigh-impactcompaniessettingtargetsormakingcommitments.27ReferencetotheSBTi2020ProgressReportandROGERS,E.M.(2003).Diffusionofinnovations.NewYork,FreePress.28RefertotheContext&MethodologyofThe2021CDPScience-BasedTargetsCampaignSampleforadescriptionofthemethodologyoftheCDPClimateHigh-ImpactSample.Forpurposesofthepresentanalysis,2,233insteadof2,237companieswereanalyzedtoreflectthecurrentoperationalstatusofthecompaniesinthislist.29CDP,CDPScience-basedtargetscampaign.Finalprogressreport:2020campaign.30MarketcapitalizationdataofSBTicompanieswasretrievedfromBloombergwithadateofDecember312021(datacouldberetrievedfor574outof598companies).Asforthehigh-impactcompanies,marketcapitalizationdataofSBTicompanieswasretrievedfromBloombergasof17February2022(datacouldberetrievedfor1,712outof2,233companies).27%21SBTiProgressReport2021MAJORITYOFWORLD’SREGIONSREACHEDCRITICALMASSADOPTIONHigh-impactcompanies’commitmentsandapprovedtargetsperregionasofDecember312021.Europeisleadingwith46%ofhigh-impactcompanieshavingsetorcommittedtoscience-basedtargetsin2021,comparedto34%ofcompaniesin2020.Encouragingly,threeregions–NorthAmerica,LatinAmericaandOceania–crossedthe20%thresholdin2021.REACHINGACRITICALMASSINKEYREGIONS,COUNTRIESANDINDUSTRIES0%126116523761056329169065970608843EuropeNorthAmericaLatinAmericaOceanaAsiaAfrica34510%20%30%40%50%60%70%80%90%100%ApprovedtargetsandCommitments2015-2020CommitmentsandApprovedTargets2021None8%ofhighimpactcompaniessettingandcommittingtosciencebasedtargetsTotalnumberofcompaniesinhigh-impactsample22SBTiProgressReport2021Uptakeofscience-basedtargetsamonghigh-impactcompanieshasalsobeensignificantacrossallregionsandcountries.Onaverage,2021sawa14%increaseinthenumberofhigh-impactcompanieswithtargetsorcommitmentsacrossallcountries.Themajority(almost80%)ofOrganisationforEconomicCo-operationandDevelopment(OECD)countrieshavecrossedthe20%threshold,withDenmark,France,IrelandandtheUnitedKingdomleadingtheway.3131ExcludesCzechRepublic,whichreached100%,butonlyhasonehighimpactcompany.CRITICALMASSPROGRESSINOECDCOUNTRIESHigh-impactcompanieswithapprovedtargetsandcommitmentsinOECDcountriesasofDecember312021.Totalnumberofcompaniesinhigh-impactsample346122510121182542817181315413746254584221312563891093202973950%10%20%30%40%50%60%70%80%90%100%CommitmentsandApprovedTargets2015-2020CommitmentsandApprovedTargetsin2021None511113951261116697232159242302442785128513122230412484533AustraliaAustriaBelgiumCanadaChileColombiaCzechRepublicDenmarkEstoniaFinlandFranceGermanyGreeceHungaryIrelandIsraelItalyJapanLuxembourgMexicoNetherlandsNewZealandNorwayPolandPortugalSouthKoreaSpainSwedenSwitzerlandTurkeyUnitedKingdomUSA23SBTiProgressReport2021Whileprogressisstillslowerinnon-OECDcountries,BrazilandSaudiArabiacrossedthe20%thresholdin2021,joiningIndiaandSingaporewhichreachedacriticalmassin2020.CRITICALMASSPROGRESSINNON-OECDCOUNTRIESHigh-impactcompaniesapprovedtargetsandcommitmentsinnon-OECDcountriesasofDecember312021.Totalnumberofcompaniesinhigh-impactsample41193143844822231121242230115581242172144455117412362220%10%20%30%40%50%60%70%80%90%100%CommitmentsandApprovedTargets2015-2020CommitmentsandApprovedTargetsin2021NoneArgentinaBahrainBermudaBrazilChinaEgyptGabonHongKongIndiaIndonesiaMalaysiaNigeriaPakistanPanamaPeruPhilippinesQatarRussiaSaudiArabiaSerbiaSingaporeSouthAfricaThailandUAEUkraine24SBTiProgressReport202132IndustriesweredefinedbyassigningeachcompanysectoraspertheSBTiTargetdashboardunderanindustrycategoryfromCDP’sActivityClassificationSystem(CDP-ACS).Financialservicessectorwasseparatedfromtheservicessector.‘Others’includesfossilfuels.Inmostindustries,SBTicompaniesreachedorsurpassedacriticalmassin2021,includingfivenewindustriescrossingthe20%threshold.Heavyindustries,suchasmanufacturing,transportation,infrastructure,powergenerationandmaterials,representasignificantshareoftheHighImpactSample.Encouragingly,mosthavejustreachedthe20%threshold,withtheexceptionofinfrastructureandpowergeneration,showingthepersistinggapintheseindustries.CRITICALMASSPROGRESSBYINDUSTRYHigh-impactcompaniesbyindustrywithapprovedtargetsandcommitmentsasofDecember312021.320%10%20%30%40%50%60%70%80%90%100%1190241048238813013333335918415224353363518542410403714113053010322062112535432213ApparelFinancialServicesHospitalityFood,beverage&agricultureBiotech,healthcare&pharmaManufacturingRetailTransportationservicesMaterialsServicesPowergenerationInfrastructureOthersCommitmentsandApprovedTargets2015-2020CommitmentsandApprovedTargetsin2021NoneTotalnumberofcompaniesinhigh-impactsample25SBTiProgressReport2021CHAPTER3:SCIENCE-BASEDTARGETSRESULTINBIGGESTEMISSIONSREDUCTIONTODATE29%SBTicompaniescollectivelyreducedemissionsbybetween2015and2020CHAPTER3:SCIENCE-BASEDTARGETSRESULTINBIGGESTEMISSIONSREDUCTIONTODATE2020sawrecordemissionsreductionsforcompanieswithscience-basedtargets.Onaverage,between2015and2020,companieswithapprovedtargetsreducedcombinedscope1and2emissionsby29%,incomparisontoa25%reductionbetween2015and2019.332020sawayear-on-yearreductioninscope1and2emissionsof12%,anincreasecomparedtopreviousyears,whichsawemissionsreductionsof5-10%peryear.Inabsoluteterms,thedifferencebetween2015and2020emissionsreductionsis419MtCO2e,equivalentto1.3xtheUnitedKingdom’stotalemissionsin2020.34SBTiCOMPANIESREDUCEEMISSIONSATANACCELERATINGPACE33TheGHGinventoriesfor2021havenotbeendisclosedtoCDPformostcompaniesatthetimeofwritingofthisreport.Seefootnote39formoredetails.34UnitedKingdom’semissionsin2020(330MtCO2e)retrievedfromGlobalCarbonProject.419MTCOEequivalenttoUnitedKingdom’stotalemissionsin20202or1.3X27SBTiProgressReport2021AtypicalSBTi-approvedcompanyhasreduceditsannualscope1and2emissionsatalinearrateof8.8%sincesettingitstargets,while4.2%istheannualreductionrequiredbytheSBTifora1.5ºCtrajectoryalignment.SBTicompaniesarecuttingemissionstwiceasfastasneededtoalignwith1.5°C.ThesefiguresaretobeputinperspectivewiththeimpactofCOVID,whichsawa5%decreaseinglobalemissionsin2020.36Yet,despitethisimpact,SBTi-approvedcompanieshavedeliveredexcessreductions.Tounderstandtheimpactofgeographicalrepresentation,theemissionsreductionswereanalyzedincountrieswhereatleast20SBTi-approvedcompaniesarebased.37Those20countriescovered87%ofallSBTicompanieswithapprovedtargets.Theanalysisshowedthattheselectedcountriesreducedemissionsby10%in2020onaverage-asignificantdifferencetotheglobal5%emissionsdecline,butstillsmallerthanthe12%emissionsreductionfromSBTi-approvedcompanies.ThisindicatesthatSBTi-approvedcompaniesonaverageachievedoverallhigheremissionsreductionfromageographicalperspective.3835AtypicalSBTi-approvedcompanycorrespondstothemedianpercentageamongcompaniesintheSBTiwithapprovedtargetsatatime.Thisincludes272outof691companieswithapprovedtargets(excludingSMEs)betweenJanuary12015andJuly312021,forwhichcouldbeobtainedpubliclyreportedscope1andmarket-basedscope2emissionsfiguresforboth2020andtheiryearofjoining.36Nature,CarbonemissionsrapidlyreboundedfollowingCOVIDpandemicdip;GlobalCarbonProject.37Includingthetotalemissionsineconomieswithmorethan20SBTicompanies:Australia,Belgium,Canada,Denmark,Finland,France,Germany,India,Italy,Japan,Netherlands,Spain,Sweden,Switzerland,UnitedKingdomandtheUnitedStates.EmissionsdatafromGlobalCarbonProject.38However,notethatthisanalysisdoesnotallowforvariousotherfactorssuchasrepresentationofindustries,publicvs.privatesectorperformance,self-selectionofSBTicompanies,companies’operations’location,etc.Thereisalsothepotentialfordouble-countingfromparentcompaniesandsubsidiariesthatbothhaveapprovedtargetsanddouble-countingbetweenpowergenerationcompanies’scope1emissionsandpowerconsumers’scope2emissions.39448companieswithapprovedtargetswereincludedinthisgraphbasedonavailabilityofreliableemissionsdataforallyearsandscopesshown.EmissionsdatacomefromtheCDPclimatechangequestionnaireandBloomberg.Forthecalculationofemissionsovertime,yearswereassignedbytheenddateoftheaccountingperiodinordertoaccountforcompaniesusingafinancialyearinastandardizedmanner.2020isthelastyearshownbecausemostcompaniesdidnotreporta2021inventorytoCDPin2021.Thistimeseriesrepresentsavailableemissionsdataofcompaniesbetween2015and2020,soinmanycasesreflectsemissionsdatabeforeacompanyjoinedtheSBTi.40Thisgraphshowsscope1emissionsandscope2market-basedemissions,whereavailable.AspertheGreenhouseGasProtocolscope2guidance,ifacompany’smarket-baseddatawasnotavailable,location-baseddatawasusedtorepresentthelowest-granularitymarket-baseddata.Formoreinformationonmarket-basedemissions,seetheGHGProtocolscope2guidance.COMPANIESWITHAPPROVEDTARGETSSIGNIFICANTLYREDUCEDEMISSIONSIN2021,EXCEEDINGGLOBALTRENDSGrossscope1and2emissionsandannualchangeratesofcompanieswithapprovedtargetscomparedtoglobalemissions(2015-2020)39,40201520162017201820192020Scope2emissionsScope1emissions02004006008001,0001,2001,400MtCO2e1,600-50%2015-20162016-20172017-20182018-20192019-2020-40%-30%-20%-10%0%-0.1%1.3%0.7%2.0%-4.2%0.2%-9.8%-5.2%-12.1%-7.4%SBTicompaniesscope1+2emissions10%Annualchangeofemissions(%)Global(%)28SBTiProgressReport2021Progressreportingisintegraltothecredibilityofcompanies’science-basedtargets.AllcompanieswithtargetsshallpubliclyreportprogressagainstpublishedtargetsannuallyaspertheSBTiCriteriaandRecommendations.TheSBTirecommendspublicdisclosurethroughstandardized,comparabledataplatformssuchasCDP’sclimatechangeannualquestionnaire,companies’reportsordirectlyontheirwebsites.Inits2020ProgressReport,theSBTianalyzedforthefirsttimetheoverallemissionstrendsofcompanieswithapprovedscience-basedtargetsbetween2015and2019.Thisyear,theSBTihasundergoneanassessmentofpubliclyavailablereportedtargetprogressdataforallnear-termapprovedscience-basedtargetsasofJuly312021.Thisgroupconsistsof834companies(includingSMEs)whosetargetprogresswasexpectedtobereported.41Thedetailedresultsoftheassessment,andthedescriptionofthemethodologyfollowed,areintheappendix.Thisanalysisshowsthatthemajorityofthecompaniesareprogressingwellagainsttheirtargets.Amongthecompaniesreportingonprogress,76%showapromisingtrajectoryonthecomparisonbetweenthetimeofthetargetelapsed,andthepercentageofthetargetachieved.42Whilethisprogressisimpressive,thereisanenduringgapinclimatereportingamongSBTi-approvedcompanies,bothintermsofdisclosureandcomprehensivenessofreportingagainsttheirpublishedtargets.In2021,only46%ofcompanieswithscience-basedtargets(excludingSMEs)reportedprogressfullyonalltargets.Almostoneinthree(26%)reportedforatleastonetarget,butinformationfortheirothertarget(s)wasreportedinwaysthatwereincomparableorlackedinformationandcontextualdata,orcouldnotbepubliclyfound.Foraround28%ofallcompaniesnopublicinformationontheirprogressagainsttheirscience-basedtargetswasfoundoritwasreportedinwaysthatwereincomparable,orlackedinformationandcontextualdata.72%ofcompanieswithscience-basedtargetspubliclyreportedprogressagainsttheirtargetsinsomeform,comparedto87%in2020.Moreinformationonthereportingofprogressonscience-basedtargetscanbefoundintheappendix.COMPANIESARECUTTINGEMISSIONSBUTBETTERREPORTINGISNEEDED41Fromthegroupof834companies,61%(512)respondedpubliclytotheCDP2021climatechangequestionnaire.ForthecaseswhereCDPresponsesdidnotmatchtothevalidatedtargetandfortheremainingcompanies,includingnon-publicCDPresponses(52cases),adeskresearchwasperformed.Refertotheappendixformoredetailsonthemethodologyusedforthisanalysis.42Theprogressagainsttargetswasassessedfor912outof1,142targetsof514companiesthatself-reportedprogressonatleastoneoftheirtargets.Thisestimationusedtheformula:(1-%targettimeframeelapsed)/(1-%progressagainsttargets).Companieswithatargetprogressequalorhigherthan100%wereexcluded.Consulttheappendixformoreinformationontargetprogress.Iftheratiowashigherthanorequalto0.5,thecompanywouldhavehigherchancestoachievethetarget.Thiscalculationexcludestargetsthathaveself-reportedtohaveaprogressequalorhigherthan100%.CDPWorldwide&ADEME,2020.ACT-Assessinglow-carbontransition:Genericsectormethodology.Refertotheappendixfordetails.Thecomparisonhasbeenperformedundertheassumptionthatthecompanyisprogressingtheirtargetsinalinearway.Thisisasimplifiedviewandmightnotberepresentativeofindividualcompanies,industries,orregionalspecificities.29SBTiProgressReport2021Forthisyear’sedition,theprogressofSMEsusingthestreamlinedSMEroutewasalsoreviewed,noticingsignificantlylowerlevelsofdisclosureontargetprogresscomparedtolargercompanies.Outof142SMEswhichwerepartofthisanalysis,targetperformanceinformationwasfoundinpublicsourcesforonly12%.Theseresultshighlighttheneedtoimprovetransparency,consistencyandcompletenessofthedisclosureofprogressanddeliveryofscience-basedtargetsovertime.Thiscouldbebridgedbystrengtheningreportingrequirements,supportedbyguidingresourcesondisclosure.43FiguresdonotincludeSMEsforcomparisonpurposesbetweenyears.REPORTINGGAPAMONGSBTi-APPROVEDCOMPANIESWIDENEDIN2021Reportingstatusofcompanieswithapprovedtargetsin2021(asofJuly312021)vs2020(asof30November2020).Numbersmaynotaddupto100%duetorounding43ReportedprogressonalltargetsNocomparableprogressdatawaspubliclyfoundReportedprogressonatleastonetargetTotalnumberofcompanieswithapprovedtargets0%2021202069130510%20%30%40%50%60%70%80%90%100%46%(319)45%(136)28%(195)13%(39)26%(178)43%(130)30SBTiProgressReport2021CHAPTER4:ADDRESSINGSYSTEMICCHALLENGESTOSCIENCE-BASEDTARGETSThroughtheanalysisofthegrowthandimpactofSBTicompaniesin2021,anumberofgapshavebeenidentified,notablyintermsofgeographicalandsectoralreach,butalsoregardingtransparentdisclosureandreportingpractices.TheSBTistrategy2021-2025istailoredtorespondtothesechallenges,andaimstoclosethecurrentambitionandemissionsgapbymassivelyscalingup1.5°C-alignedcorporateclimateactioninthenextthreeyears,especiallyintheareaswhereithasbeenlackingtodate,i.e.theheaviest-emittingsectorsandemergingmarkets,andthroughthedevelopmentofameasurement,reportingandverification(MRV)framework.THESBTiISRESPONDINGTOSYSTEMICCHALLENGESTOTARGETADOPTIONCHAPTER4:ADDRESSINGSYSTEMICCHALLENGESTOSCIENCE-BASEDTARGETS32SBTiProgressReport2021TheSBTihasgrownexponentiallyinrecentyears,especiallyinEurope,theUnitedStatesandJapan.However,therearestillsignificantregionalgaps,withfewercompaniesfromdevelopingregions,especiallyAfrica,LatinAmericaandSoutheastAsia.Overall,companiesbasedinnon-OECDcountriesaccountforfewerthan15%ofSBTicompanies,whilethosecountriesrepresent67%ofglobalemissions.Asiaaloneisresponsiblefor53%ofglobalemissions,yetAsia-basedcompaniesrepresent20%ofallSBTiapprovedtargetsandcommitments.44,45ThebiggestgapsarecurrentlyinAfricaandLatinAmerica.Althoughtheseregionscurrentlyrepresentonly7%ofglobalemissionsandhostfewerglobalcompanies,theyincludeeconomieswithamongthehighestgrowthrates.46Assuch,itiscrucialforthesecountriesandcompaniestoanchortheirdevelopmentinlinewiththeParisAgreement.Tohelpbridgetheseglobalgaps,theSBTilaunchedtheCountryActivationProjectin2020,andhassupportedcountryIncubatorsinIndiaandMexico.Theseprojectshavedeliveredpromisingresultsin2021,andareplanningtoscaleupinthecomingyears.TheCountryActivationProjectconnectstheSBTidirectlytopartnersatthecountrylevelfromAfrica,LatinAmericaandSoutheastAsia.Sinceitslaunch,theprojecthassuccessfullybuiltthetechnicalcapacityofSBTilocalpartnersthroughthefirst“TraintheTrainers”–alearningprogramthatgatheredalmost200participantsfrom25countries.Italsodesignedanddeliveredactivitiesspecificallyforcompaniesinthosekeyregions,withmorethan3000participantsjoining;andtranslatedSBTiresourcesintokeylanguages,suchasPortugueseandSpanish.TheSBTihasalsosupportedtheworkoftheIncubatorsinIndiaandMexico,projectsinwhichSBTipartnerorganizationsworkcollectivelytodisseminatetheinitiativeandsupportcompaniesintheircountries,pursuingopportunitiestoconnecttheSBTitothenationalcontextoftheclimateagenda,andbreakdownbarrierstoadoptionofscience-basedtargets.Overall,theseprogramssupportedan86%growthinthenumberofSBTicompaniesintheseregionsin2021,withatotalof36newLatinAmericancompaniesand42newAfricanandAsiancompanies.TheSBTiwillcontinueimplementingandstrengtheningtheCountryActivationandIncubatorsProjectsin2022.86%SBTiprogramssupportedagrowthinscience-basedtargetsinLatinAmerica,AfricaandAsiain2021BRIDGINGTHEGLOBALGAPS:THESBTiCOUNTRYACTIVATIONANDINCUBATORPROJECTS44GlobalCarbonProject.45ibidem46ibidem33SBTiProgressReport2021Althoughadoptionofscience-basedtargets,especiallyamonghigh-impactcompanies,hasprogressedinmanyindustries,somearestilllaggingbehind.Theseincluderetail,transportationservices,materials,powergenerationandinfrastructure.Tohelpdelivermoreengagementandemissionreductionatscale,particularlyinheavy-emittingindustries,theSBTiisbuildingdetailed1.5°Cpathwaysectorguidelines,includingforthecement,steel,buildingsandchemicalsindustries,alltobefinalizedbetween2022and2023.Guidelinesforforest,landandagriculture(FLAG)arealsoindevelopmentandwillincludemethodsondeforestationandotherland-relatedimpacts.TheSBTihasalreadypublisheddetailed1.5°Cguidelinesforapparel&footwear,aviation,financialinstitutions,informationandcommunicationstechnologyandpower.Scope3emissionsreductionisakeychallengeforcompanies,oftenduetoalackofvisibilityandmonitoringofsuppliers’data.Companiesalsofaceengagementgapsbetweentheirsuppliersandprocurementteams.Themajority(55%)ofcompaniessettingscience-basedtargetsarebasedinEurope.Becausethesecompaniesareoftenhigh-emittingglobalcorporationswhoseoperationsandsupplychainsspanmanyregions,engagingthesecompaniescanhaveasignificantimpactonemissions.Toaddressthischallenge,theSBTiisundertakingareviewofascope3targetsettingmethodsandcriteriaanddevelopingaSupplierEngagementToolkittohelpcompaniesdevelopandtracksupplierengagementtargets.EXPANDINGSBTiSECTORALREACHANDSUPPLYCHAINENGAGEMENT:SCOPE3ANDSECTORALGUIDELINES34SBTiProgressReport2021BRINGINGFINANCIALINSTITUTIONSONBOARD47SBTi,TakingtheTemperatureandUNEPFI,FinancialInstitutionsTakingActiononClimateChange.48CDP,FinancialServicesDisclosureReport2020.49Ibidem.2021wasalsoayearofrenewedscrutinyandskepticismovercorporateclimateaction.Greenwashingbysomecorporateactors,includingaproliferationofnet-zeropledgesthatarenotalwaysbackedbyrobustscience-baseddecarbonizationplans,hasunderminedpublictrustandthecredibilityofprivatesectorclaims.BasedontheUNGlobalCompact-AccentureCEOStudy,57%ofCEOsbelievetheyaremakingsufficienteffortstolimittheglobalriseintemperatureto1.5°C.Yet,only2%oftheseCEOshavevalidatedtheirscience-basedtargetsinlinewitha1.5°Ctrajectory.BRIDGINGTHECREDIBILITYANDREPORTINGGAP:CORPORATECLIMATEACCOUNTABILITYFinancialinstitutionsplayacrucialroleinacceleratingtheglobaladoptionofscience-basedtargets,throughdirectingcapitalawayfromhighcarbonactivitiesanddecarbonizingfinancialportfolios.47AccordingtoCDP,financialportfolioemissionsareover700timeslargerthantheirdirectemissionsonaverage.However,only25%offinancialinstitutionsdisclosingthroughCDParecurrentlyreportingportfolioemissions.48FewerthanhalfofCDP-disclosingfinancialinstitutions,and27%ofinsurers,reportactionstoalignportfolioswiththeParisAgreement.49117Since2015financialinstitutionshavecommittedtosetscience-basedtargetsFinancialinstitutionsarekeytounlockingthesystem-widechangeneededtodecarbonizetheglobaleconomyandreachnet-zeroby2050.In2021,theSBTipublishedtheworld’sfirstguidelinesforfinancialinstitutionsandprivateequitycompaniestosetscience-basedtargetscoveringtheirinvestmentandlendingportfolios.In2021,threefinancialinstitutionshadtargetsapproved-LaBanquePostale,KBFinancialGroupandEQT-viathepilotphaseoftheSBTi’sguidanceforthissector.Since2015,afurther117financialinstitutionshavealsocommittedtosetscience-basedtargets.TheSBTiisnowdevelopingaNet-ZeroStandardforFinancialInstitutions,tobereleasedin2023.TheSBTiisalsoworkingtobringthesestandardsinlinewithotherinitiatives,suchasUNEnvironmentProgrammenet-zeroinitiatives,TCFDreportingandtheGlasgowFinancialAllianceforNetZero.“Thereisadeficitofcredibilityandasurplusofconfusionoveremissionsreductionsandnet-zerotargets,withdifferentmeaningsanddifferentmetrics.”FollowingthewordsoftheUNSecretaryGeneralAntónioGuterres:35SBTiProgressReport2021TheSBTiNet-ZeroStandardwaslaunchedaheadofCOP26inGlasgowtoanswerthiscredibilitychallenge,bringbacktrustandanchornet-zerocorporateactioninclimatescience.Itprovidesaclear,science-baseddefinitionandpathwaytonet-zero,inlinewitha1.5°Ctrajectory.TheStandardrequirescompaniestosetbothnear-andlong-termtargets,toensureimmediateaction,ratherthanpostponingdecarbonization.Thecredibilityandrobustnessoftargetsisensuredthroughathorough,independenttargetvalidationprocessbySBTiexperts.50Settingnet-zeroscience-basedtargetsalignedwith1.5°Cisonlyoneelementofacompany’sclimateactionjourney.Businessesthenneedconcreteplanstoachievethemandimportantly,mustreportonprogressinatransparentway.Thecredibilitygapisalsorootedinthesetransparencyandaccountabilitychallenges.Currently,emissionsdisclosureisavoluntaryoption,andthemajorityofthecompaniesdonotdisclosesufficientclimatedata.51Methodsofemissionsdisclosurediffersignificantlyamongcompanies,fromreportingthroughestablishedsystemslikeCDP,tocorporatewebsites,sustainabilityreportsorpressreleases.Thelackofrobustmethodologyforcalculatingemissionsisalsoachallenge,withmanycompaniesrelyingheavilyonestimates,especiallyforscope3emissions.53Theseinconsistentwaysofdisclosingprogress,andlimitedscrutinyofemissionsreporting,negativelyimpacttransparencyandcorporateaccountability.TheSBTiisexpandingitsclimatealignmentandcertificationframeworkfromambition(target-setting)toalsoincludeperformance(target-delivery)throughthedevelopmentofameasurement,reportingandverification(MRV)framework.Thisframework,willprovideaclearandstandardizedmechanismtoassess,verifyandenhancecorporateaccountabilityonprogresstowardsscience-basedtargets.TheSBTiaimstoreleasetechnicalaspectsoftheframeworkaheadofCOP27,releasingthefullframeworkaheadofCOP28.Itwillpresentcompanieswithclearexpectationsandsetguidanceonhowtoreport,assessandverifyprogressagainsttheachievementoftargets.Thiswillenhancereportingdataquality,andtheaccountabilityofSBTicompanies,reinforcingtrustandconfidenceamongstakeholders.50Toensurefairnessandobjectivity,everycompanyisassignedtoaleadreviewerandanappointedapprover.Thereviewerperformsthedeskreviewofthesubmission,preparesthedeliverables,organizesafeedbackcallifnecessary,andactsasthepointofcontactbetweenthecompanyandtheSBTithroughoutthevalidationprocess.Theapproveractsasapeerrevieweronthecompleteddeskreview.Foralltargetsubmissions,thereviewerandapproverassignedareemployedbytwodifferentpartnerorganizations.TheSBTitargetvalidationteamistrainedwithabackgroundinGHGProtocolandfurthersupportedwithexpertiseinSBTimethodologiesandsectorguidance.51CDP,2%ofcompaniesworldwideworth$12TnamedonCDP’sAListofenvironmentalleaders.52WEF,TheSupplyChainOpportunity.TheSBTiisexpandingclimatealignmentandcertificationframeworkfromambition(target-setting)toperformance(target-delivery)throughthedevelopmentofameasurement,reportingandverification(MRV)framework36SBTiProgressReport2021Tofullydecarbonizetheglobaleconomyandbuildatrulyresilientandsustainablefuture,regions,businessesandgovernmentsmustworktogethertoharnesstheambitionloop—apositivefeedbackloopinwhichprivatesectorandgovernmentclimateactionaremutuallysupportive.Whencompanieslistedinanindexmovetowardmoreambitiousaction,theycreateashiftthatcaninfluencetherealeconomybeyondindexes,andsendstrongmarketsignalstopolicymakers.53Inanambitionloop,decisivebusinessleadershipsupportsboldpolicyaction,whichinturnacceleratesfurtherclimateaction.Thiscanunlockfasterprogressonnationalobjectivesandbiggermarketopportunities.Forbusinesses,thepushcomesfromlong-term,clearandconsistentgovernmentpolicies,whichprovidetheclarityandconfidencecorporatesneedtoachievetheirtargetsfasterandinvestfurtherinclimateaction.Forgovernments,thepushcomesfromleadingbusinessesthathelpdemonstratecommercialdemandandeconomicpossibilities.Corporateclimateactionandadvocacylendpoliticalandeconomicsupporttogovernmentefforts,sotheycandeliveronexistingpolicygoalssooner,andadvancenew,boldertargetsandpolicies.Itiscriticalthatmanymorecompaniesengageconsistentlyinpolicyadvocacyinsupportofambitiousclimatepolicy,whichisfundamentaltoreachingnet-zeroby2050andenablingcompaniestodeliverontheirscience-basedtargets.Failuretodothiscriticallyunderminestheambitionloopandwillultimatelymakeitharderforindividualcompaniestodeliverontheirscience-basedtargets.PRIVATESECTORHASTHEPOWERTOTRIGGERGOVERNMENTACTION53SBTi,TakingtheTemperature.Companiesmustalsoacttoensurethattheyarenotfundingtradeassociationsorbusinessgroupsthathaveatrackrecordofweakeninganddelayingclimatepolicyinkeycountries.37SBTiProgressReport2021THEROADTO2050Inthisalarmingcontext,businesshasmoreresponsibilitythanever,withacentralroletoplayinkeepingthe1.5°CParisAgreementgoalalivethroughhalvingemissionsby2030andachievingnet-zeroemissionsby2050.AccordingtoastudybytheUNGlobalCompactandAccenture,49%ofCEOsworldwidereportthattheircompaniesarealreadyexperiencingthedamagingeffectsofextremeweatherevents,especiallythroughsupplychaininterruptions.54Thisisjustthebeginning,asincreasedmarketvolatility,lossofassets,worseningworkforcehealthandwellbeing,andmanyotherchallengeswillaccelerateasclimatecrisisimpactskeepunfolding.Encouragingly,2021wasayearofexponentialgrowthforscience-basedtargetsandcompaniessettingscience-basedtargetsaredeliveringlargescaleandmeasurableemissionsreductions.Butifwearetoachieve1.5oCandclosethecurrentemissiongap,weneedmanymorecompaniesaroundtheworld,andacrossallindustries,tosetandimplementambitiousnear-andlong-termscience-basedtargets.Tospeedupmassiveclimateaction,theSBTiisfocusingonG20economiesandhigh-emittingindustries,aswellasthefinancialindustrytodrivelarge-scalecorporateaction.Toenablethisprojectedexpansion,theSBTiisupdatingitsgovernanceandoperatingmodel.In2021,theSBTiunderwentastrategicreviewprocess.Asaresultofthisexerciseandtherapidgrowthinscience-basedtargets,theinitiativeisnowevolvinginlinewithbestpracticeforstandardsettingorganizations.TheSBTiisconstantlyevolvingtoensurethehigheststandardsforcorporate,science-basedclimateaction.Now,allcompaniesfromallregionsandsectorsmusttakeaction.THEROADTO2050Globalemissionsbouncedbackbytheendof2021astheeconomyrecoveredfromCOVID-19.Theworldisnotontracktohalveemissionsby2030andwefacemoredisruptionfromclimatechangethaneverbefore.54UNGlobalCompact-Accenture,The2021UnitedNationsGlobalCompact–AccentureCEOStudyonSustainability:ClimateLeadershipintheEleventhHour.“Ascurrenteventsmakealltooclear,ourcontinuedrelianceonfossilfuelsmakestheglobaleconomyandenergysecurityvulnerabletogeopoliticalshocksandcrises.”TousethewordsoftheUnitedNationsSecretary-General39SBTiProgressReport2021METHODOLOGYThisanalysisincludes692companiesand142small-or-mediumsizedenterprises(SMEs)thathadtheirnear-termtargetsapprovedasofJuly312021.Resubmissionsorvoluntaryambitionupdatesthatwereapprovedorpublishedafterthisdatewerenotincludedinthisanalysis.Forthese834entitieswithapprovedtargets,thefollowingmethodologywasusedtomatchpubliclyreportedinformationwiththeirpublishedtargetdetailsinordertoshowtheirself-reportedprogresstowardstargets.1,565near-termtargetswerereviewedaspartofthisanalysis.Progressdataasrepresentedinthereporthavebeenreportedpubliclybycompaniesthemselves,anddatapresentedshouldnotbeinterpretedasconfirmationorvalidationofacompany’sprogresstowardsorachievementoftargets.Targetprogressdatasources•PubliclyavailabletargetprogressdatatakenfromCDPself-reportedresponsesofcompanies(2021climatechangequestionnaire,inthetargetsandperformancesection,underquestionsC4.1a,C4.1b,C4.2a,andC4.2b).•Collectedpubliclyavailableinformationprovidedinsustainabilityorothercorporatereports,companywebsites,ornon-financialreports.Exclusions•Certainearlyapprovedtargetsthatdonotallowforcomparativereportingand/ortargetsforwhichprogresscouldnotbetrackedandpresentedatthetimeofwritingthereport,includingembodiedcarbontargets,efficiencyandperformancetargets,cumulativeemissionreductiontargets,andnet-zerotargets.•Targetsthatarenolongeractive(i.e.replacedbynewertargets).Notethatsomeofthesearchivedtargetsarenolongeractivebecausecompaniesconsiderthem‘achieved’andhavereplacedthemwithfurthertargets.•Targetswithatargetyearinthepastandtargetssetin2021.METHODOLOGYFORASSEMBLINGPER-COMPANYANDPER-TARGETDATAMatchingmethodologyforcompaniesdisclosingpubliclytoCDPTheprocessformatchingSBTipublishedtargetstoCDP-reportedtargetsinvolvedacombinationofautomatedmatchingandmanualreview.Ofthe834companiesincludedinanalysis,61%respondedpubliclytotheCDP2021climatechangequestionnaire(499companiesand13SMEs).Matchingwasperformedinthefollowingorderandprioritization:•First-degreematchingofdatawasdoneagainstbaseyear,targetyear,targetvalue,scope(s)covered,andemissionintensitymetric/activityindicator(incaseofintensitytargets).•Second-degreematchingincludedallowingforbaseyeardifferencesof±1year,targetyeardifferencesof±1year,andtargetvaluedifferencesof±1(toaccountforroundingdifferences),inadditiontothefirst-degreematchingabove.55•FortargetscopesreportedtoCDPinaone-to-manyormany-to-onefashion,alltargetscopecombinationswerematchedandreportedinthemostdisaggregatefashion.Acompanymayhavesetacombinedscope1,2and3targetbutreportedtwotargetstoCDPcorrespondingtoscopes1and2andscope3(reversealsooccurs).Forthesemultiplematches,theinformationonprogressispresentedasreportedattheoriginaltargetpriortotheaggregationandthetargetprogressisnotcalculated.Thesecaseshavebeenidentifiedintheappendix.•Manualreviewwasconductedtoresolveanyinconsistenciesindata(dataqualityordatainputerrors).•Informationonscope3categoriescoveredwasalsopresented,whereapplicable.•Thebaseyearwasnotusedasamatchingcriterionforsupplierengagementtargetsbecausethebaseyearisnotnamedinthetargetlanguage.55The“latestdatayear”forprogressagainsttargetsisidentifiedastheendyearoftheaccountingperioddisclosedtoCDPorotherdatasources.41SBTiProgressReport2021•Caseswherethe“Pleaseexplain”fieldinthetargetsectionoftheCDPclimatechangequestionnaireindicatedacleardivergencefromtheapprovedtarget,suchasuseofoffsets,werenotconsideredamatchevenwhenallotherdatapointscoincided.DeskresearchForthecaseswhereCDPresponsesdidnotmatchthevalidatedtarget,fortheremainingcompaniesorSMEsdisclosingprivatelytoCDP(56cases),andfortheremaining322companiesandSMEs,adeskresearchwasperformed.Thisincludedtheresearch,collectionandanalysisofpubliclyavailableinformationprovidedinsustainabilityorothercorporatereports,companywebsites,and/ornon-financialreports,usingtechniquessuchaskeywordsearchesandsimilarmatchcriteria,whendatawasavailable.ThedeskresearchwasperformedbetweenFebruaryandMarch2022andusedthelatestresourcesavailableatthetimeofreview.Informationorreportspublishedafterthisdatewerenotconsideredandwillbereviewedfornextyear.TheanalysisfollowedthesamelogicasthematchingmethodologyforCDPdisclosuredescribedabove.Informationofprogressagainsttargetswasonlyconsideredwhenitwasexplicitlystatedthatitreferredtoanapprovedscience-basedtarget.Insomecases,progresswasderivedfromGHGemissionsdata,whentheywereassociatedwiththeapprovedtarget(s).Furthermore,additionalexternalresearchwasnotconductedforcompaniesthatreportedtargetdatatoCDPasitwasassumedthatcompanieswouldprovideallrelevanttargetdataviaCDPdisclosure,iftheywerepresent.Similarlytotheautomatedmatches,caseswhereuseofoffsetswasincludedinthecalculationoftargetprogresswerenotpresentedintheanalysis.Resultsoftheper-targetdatareviewFrom1,565targetsreviewedinthisanalysis,wepresentprogressinformationof912targets(58%)thatwerematchedeitherwithCDPclimatechangequestionnairedata(90%)orotherpubliclyavailablesources(10%).Inaddition,42%ofthetargetsreviewedinthisanalysiswerenotreportedintheappendix.Thereareafewreasonswhyprogresswasnotshownforthesetargets:•Publiclyavailableprogressdatawasfoundbutthetargetsarenotreportedintheappendixbecauseitwasnotcertainthatthecompany’sreportedtargetcorrespondstotheSBTitargetorthereweredifferencesinthedatafieldsusedformatching,asdescribedabove.Examplesofsuchcircumstancesincludetargetswithdiscrepanciesintargetvalue(greaterthan±1point),differentactivityunits(forintensitytargets),base/targetyeardifferencesthatcannotbeaccountedforbyafinancialyear,differencesintargettypes(absolutetargetreportedasintensitytarget),andtargetscouldnotbematchedpostaggregationordisaggregationofscopes.•Progressforsometargetssetinorafter2021wasnotfound.Progressdisclosurewasnotexpectedtobefoundformanyofthesetargets,astheymayhavebeensetaftertheCDPdisclosuredeadlineorwouldnothavemeaningfulprogresstobereported.•Nomatchingpubliclyreporteddatawasavailable.TheseincludetargetsfromcompaniesthatdidnotreportpubliclytoCDPin2021andforwhichnootherpublishedtargetprogressinformationwasfoundthroughthedeskresearch.•Thecompanyclearlyindicatestheusedoffsetsinthecalculationofthetargetprogress.DisclaimerThedatapointsandtheinsightsmentionedthroughoutthereportintheformoftexts,graphsandintheappendixtablehavebeencalculated/writtenbasedonthedataprovidedbytheSBTifromvarioussourcesinternaltotheirdatabase,publicCDPdisclosuredata,anddataobtainedbyAccenturefrompubliccompanyreportsandoth-erpublicsources.Accenturewasnotresponsibleforverifyingandshallnotberesponsiblefortheaccuracyofanyofthedatasources,datapoints,data-driveninsightsmentionedthroughoutthereport.APPENDIXAccessthetablecontainingthescience-basedtargetprogressperformanceper-companyandper-targethere.42SBTiProgressReport2021Forgeneralinformationandtechnicalqueries:info@sciencebasedtargets.orgsciencebasedtargets.org@ScienceTargets/science-based-targetsDISCLOSUREINSIGHTACTIONPartnerorganizationsPartnerorganizationsFrontcoverphotobyRicardoGomezAngel@Unsplash
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