1Exploring the Science Based Targets initiative'sprogress in driving ambitious climate actionRaising the Bar1ForewordAs the SBTi embarks on its next chapter, let us celebrate how far this movement has come and renew our focus on driving transformative climate action from the private sector.When the Science Based Targets initiative (SBTi) was launched in 2015 our goal was clear: for companies across the globe to set targets to reduce their greenhouse gas (GHG) emissions according to what science showed was needed to avert dangerous climate change. A simple idea, but also a step-change in how companies thought about climate action.Since then, many of the world’s largest companies have responded to this call to action. As of November 2019, more than 700 companies are setting science-based GHG emissions reduction targets - and many more are joining the movement every week.These companies represent 45 sectors—from chemicals to construction, and from textiles to telecom, spanning 46 countries around the globe. Together, their operational emissions total more than 1 billion tonnes of CO2e, more than the annual emissions of Germany. Their combined market capitalisation is over $10 trillion USD.They are at the vanguard in the fight against climate change and are demonstrating to decision-makers in governments, financial markets, and the private sector that operating within the scientific threshold for a climate-safe world goes hand-in-hand with a successful business and economy.A fledgling initiative has snowballed into a global movement.As a uniquely collaborative endeavour, the SBTi has had remarkable success in driving ambitious, science-based climate action in the private sector. The initiative has evolved, learning...
