How our work consolidates and aligns efforts
The below list explains how the work of the Science Based Targets Network aligns with similar initiative in the space
Science Based Targets Network and Science Based Targets initiative
Our work builds upon the pioneering work of the Science Based Targets initiative’s climate targets for companies. The Science Based Targets initiative partners are part of the Science Based Targets Network. We work closely with the Science Based Targets initiative’s Forest, Land and Agriculture Group (FLAG) which is developing emissions reduction pathways for land intensive sectors. We aim to align across nature and climate targets so that companies can set targets for both climate and nature in unison, and we will develop specific guidance on restoration and regeneration actions.
Context based water targets
Nature science-based targets will build on context-based water targets adding a dimension of water quality. They will also create a way of integrating with other targets for other areas of nature like biodiversity. Find out more (link to water page)
Sustainable Development Goals (SDGs)
We center our work on the 2030 Agenda for Sustainable Development. Our methods for target setting will incorporate an indicator framework that allows companies to measure their contribution toward the SDGs, in particular goals 6, 12, 13, 14, and 15. Post 2022 we will explore ways in which science-based targets can contribute toward the other SDGs.
Business for Nature and the Capitals Coalition?
Business for Nature, and Capitals Coalition are members of our Network. Business for Nature promotes greater policy ambition to reverse nature loss, and counts nature science-based targets as a mechanism for companies to demonstrate the ambition to do their part. The Capitals Coalition enables companies to value nature in their decision making. In setting nature science-based targets, companies can draw on the outputs of the Coalition’s Natural Capital Protocol, where companies have already carried these out.
Nature-based solutions (NBS) are actions to protect, sustainably manage and restore natural and modified ecosystems to provide both human well-being and biodiversity benefits. These are key strategies for companies to consider to deliver on their nature and climate goals in unison. We are working on guidance for how companies can best utilize nature-based solutions as part of achieving both nature and climate science-based targets.
Sustainability certification standards
Sustainable or responsible certification standards like RSPO, FSC, RTRS or MSC are implementation mechanisms. They contain numerous practices and outcome-based metrics to guide the mitigation of negative impacts on the environment (land, water and ocean) and social systems – on which commodity production depends. While certifications focus actions on reducing impacts within a commodity supply chain, nature science-based targets will encourage action beyond the company’s direct supply chain to drive restoration and transformation at a system level. Nature science-based targets show a company how to stay within the earth’s limits and quantify their contribution towards a nature positive future.
Both nature science-based targets and circular economy initiatives aim to keep companies’ impacts within planetary boundaries and require companies to transform their business models. Circularity principles and metrics will help companies achieve their nature science-based targets, Working towards nature science-based targets will help companies deliver on the foundational objectives of the circular economy like reduced pressures on the environment and a stable supply of resources.
We encourage companies to disclose their environmental data to disclosure platforms like CDP and according to standards such as GRI, SASB and TCFD. Disclosure is a key action companies can take in preparation for setting nature science-based targets. There is already a well-populated landscape of reporting and disclosure, so we are trying to avoid adding to companies’ reporting burden by aligning as much as possible and increasing the ambition levels in areas companies are already measuring. We are also working with our partners to ensure that data requested by these disclosure platforms are consistent with the indicators and metrics used to set nature science-based targets. Nature science-based targets aim to enable companies to meet the requirements of disclosure frameworks and demonstrate to investors that they are addressing and managing their impacts and dependencies on nature.
Taskforce for Nature-Related Financial Disclosure
We are working actively with the emerging Task Force on Nature-related Disclosures to make sure we are well aligned. To this end we are also working with members of the task force shaping the EU’s emerging agenda on non-financial disclosure.
Investors and financial institutions play a critical role catalyzing and ensuring system change. Our partners working actively in this space include the Capitals Coalition, UNEP-FI, Ceres and CDP. We are exploring how best to engage the investor community and financial sector. For now, financial institutions can join our Corporate Engagement Program [LINK] or email our Corporate Engagement Lead, email@example.com.
Public sector and policy
Public institutions are critical to solving the dual crises of climate change and nature loss. We are aiming to align nature science-based targets with emerging regulations and frameworks like those coming from the EU Commission.