December 2024 newsletter and year-end recap
Dear Colleague,
2024 has been a pivotal year for the Science Based Targets Network. Corporate science-based targets for nature have moved from theory to reality, with the first companies publicly adopting them and taking measurable action. This progress has been made possible due to the commitment of our partners, stakeholders, and supporters like you. Your support powers our mission and inspires us to aim even higher.
From the significant progress accomplished in technical methodologies and corporate engagement to the landmark moment of public adoption by companies, this year has been a testament to the power of collaboration. These milestones are not just achievements; they are building blocks for a nature positive future.
As we reflect on 2024, we are filled with gratitude for the support from across the Network and excitement for what lies ahead in 2025. Despite undeniable global headwinds, we will continue to empower companies to take meaningful, measurable action for nature, ensuring a future where companies operate within environmental boundaries and contribute to thriving ecosystems and communities.
Explore our 2024 year-end recap below to discover the milestones we’ve achieved, key insights and resources to support the target-setting journey, and a preview of what’s ahead for 2025.
From all of us at the Science Based Targets Network, we wish you a joyful holiday season and a prosperous new year.
All my best,
Erin Billman
Executive Director
Science Based Targets Network
Key SBTN Achievements in 2024
Corporate Milestones
Vetted Proof of Concept: Following the year-long corporate pilot program, the majority of participating companies received validation for some or all their targets, demonstrating the feasibility and impact of target setting [full report].
Trailblazing Leadership: The first companies publicly adopted science-based targets for nature, beginning with global luxury group Kering adopting both freshwater and land science-based targets, while global biopharma company GSK and building materials and solutions company Holcim adopting freshwater science-based targets.
Pilot Success Stories: Insights from our corporate pilot highlighted how the targets elevate corporate ambition, drive credible action, provide a standardized approach and act as a trusted compass to the right solutions.
Growing Momentum: Over 150 companies are preparing to set science-based targets for nature, representing around 10% of the potential market.
Corporate Target Validation Function: The Accountability Accelerator was announced as host of SBTN’s target validation function marking a vital step in safeguarding the integrity of the targets and ensuring an independent and rigorous evaluation process for companies.
Technical Advancements
New & Updated Technical Guidance: Our major 2024 update of technical guidance, informed by the cohort of pilot companies, now offers stronger feasibility and practicality while maintaining ambition and scientific rigor.
Ocean Targets: The first draft corporate ocean targets focused on seafood value chains were published for public consultation.
Stakeholder Engagement Guidance: This resource emphasizes the connection between ecological and human wellbeing, and supports companies in creating plans to amplify the voices of marginalized populations while setting science-based targets for nature.
Implementation Actions: Initial response options for companies to take actions that make a difference for nature on the ground.
Explore all our latest technical resources here.
Accessibility and Driving Action
New User-friendly Entry Point: A new corporate manual, alongside its accompanying online target-setting guide, provides a practical overview of all existing technical guidance.
Recognizing Credible Efforts: New Claims Guidance allows companies to publicly showcase progress while enabling flexibility and accountability. This includes the ability to publicly disclose their materiality assessment (Steps 1 & 2) and to set targets on just one realm, e.g. freshwater, and providing an alternative pathway to zero conversion of natural ecosystems (moving beyond halting deforestation).
Real-life Examples: A collection of case studies from pilot companies offers actionable insights for others.
Self Assessment Tool: To facilitate validation submissions, this tool helps companies understand data requirements and activities needed to complete their materiality assessment and prioritization.
Interoperability and Global Impact
Recommended by TNFD: Science-based targets for nature are recognized as the target-setting mechanism within the Taskforce on Nature-related Financial Disclosures’s (TNFD) recommendations.
Referenced in CSRD: Our methods are recognized in the Corporate Sustainability Reporting Directive (CSRD) as a source of guidance for companies to set credible targets.
Alignment with Global Sustainability Goals: Our land targets are prominently cited within UNCCD’s Business for Land Guide, demonstrating how companies can contribute to global land goals. More broadly, science-based targets for nature serve as a clear implementation mechanism for companies to align with the Global Biodiversity Framework.
GHGP Integration: We advanced alignment with the Greenhouse Gas Protocol within SBTN’s methods, ensuring cohesion between climate and nature action.
IPBES Recognition: SBTN is referenced in the IPBES Business and Biodiversity draft assessment as a key initiative for enabling corporate action on biodiversity.
Engagement Highlights
Corporate Engagement Program: Grew to 269 members including 142 companies representing over $4 trillion market cap, 103 service providers, 18 industry coalitions and 6 financial institutions across 38 countries.
Service Provider Network: Expanded to include 90+ consultants in 199 countries, spanning 16+ languages and 28 sectors.
Empowering our Partners: We launched the Train-the-Trainer program to scale knowledge and build capacity across the corporate ecosystem. This initiative equips our partners, consultants, and service providers with the expertise to support companies on their science-based target-setting journey with more content coming in January.
Partner Support: A special thank you to our partners WBCSD, WWF France, and UNGC Finland for hosting their own SBTN company preparer groups.
Global Reach: Expanded our reach and strengthened our mission through five regional working groups – Japan, Latin America, Australia & New Zealand, South East Asia, South Africa – across 30+ countries.
Increasing Awareness: Hosted impactful events including at Davos, World Water Week, New York Climate Week, and COP16 and received significant global media coverage throughout the year including Fortune, Wall Street Journal and NewsWeek.
The Road Ahead
As we look to 2025, SBTN’s focus will be on:
Scaling Impact: Implement our upcoming impact-scaling strategy to support more companies worldwide in tandem with the roll-out of our target validation service through the Accountability Accelerator.
New Targets and Guidance: Launch the first set of ocean targets and expand freshwater and land coverage; publish biodiversity integration guidance; provide finance sector-specific initial guidance to help financial institutions interpret and leverage our methods.
Implementation and Monitoring: Introduce initial content on “Act” and “Track” (Steps 4 & 5) to support companies in implementing and tracking progress on their targets.
