Target setting process questions
Here we provide answers to common technical questions that companies have as they are going through the target-setting process.
Set targets
When your company has assessed and prioritized its impacts on nature through our technical guidance in Step 1 and Step 2, you will know which issues to set targets on. Your company can then commence to measure, set and disclose targets in Step 3.
Our technical guidance provides detailed methodologies to set freshwater and land targets which also includes partial biodiversity coverage. Climate targets are set through Science Based Targets initiative and ocean targets will be available in 2025.
Freshwater targets
The first science-based targets for freshwater focus on two key issues: water use (specifically withdrawals from surface water bodies and groundwater) and freshwater pollution resulting from nitrogen and phosphorus
These pressures are the first to be addressed because of their relevance to a majority of companies. Freshwater use and pollution are two of the key pressures that are driving the loss of nature in ecosystems around the world.
Land targets
The first science-based targets for land comprise a suite of three targets designed to work together to incentivize synergistic actions that contribute to nature goals in land systems:
- No conversion of natural ecosystems
- Land footprint reduction
- Landscape engagement
Ocean targets
SBTN is currently developing methods to set the first ocean targets. These methods will focus on the seafood sector, covering pressures related to commercial fishing and aquaculture. Future methods will address pressures from other key industries such as: maritime transport, coastal and marine tourism, marine offshore renewables, and coastal development.
Biodiversity targets
Our biodiversity guidance are embedded in all SBTN steps and address threats to species, ecosystems, and nature’s contributions to people. It does not currently cover genetic diversity.
Climate targets
When a company uses our technical guidance to assess and prioritize its environmental impacts for target setting, this includes climate. Therefore, all companies with material contributions to greenhouse gases are expected to set a climate target via Science Based Targets initiative (SBTi) as part of setting science-based targets for nature. Companies who have already collected emission data and set targets for climate are one step ahead.
Validate targets
To ensure companies have correctly and completely followed the target setting methods and in advance of their implementation (Step 4: Act) or making any public claims regarding setting science-based targets for nature, companies will prepare and submit their targets for validation.
The target validation process was piloted with an initial group of companies in 2023-2024 to ensure robust, feasible and clear validation criteria. All companies should begin the target setting journey and prepare their targets ahead of a broader roll-out of the target validation process later in 2024.
Set interim targets
These are recommended actions companies can take to round out their environmental strategy, complementing the application of the latest science-based targets for nature. Note these targets will not be validated by SBTN. Updated guidance on these are in our development pipeline.
Disclose targets
By setting science-based targets for nature with SBTN, companies can meet the requirements of disclosure frameworks such as CDP, GRI, TCFD and TNFD (in development), and demonstrate to the investor community that their company is working towards addressing and managing their impacts and dependencies on nature.
Throughout the process of acting on science-based targets for nature, companies will track and report on their progress and should disclose this publicly. Companies will publicly share their target-setting progress in our ‘Target Tracker’, accessible later in 2024 when the first companies have set their targets.