March 2024 newsletter
Dear Colleague,
As seasons change around the world, SBTN is also in a phase of transition; wrapping up initiatives and beginning new ones.
Our target validation team is now reviewing the submissions from the initial cohort of companies to set science-based targets for nature, beginning with freshwater and land. We anticipate expanding target validation services to companies beyond this initial group later this year, accompanied by updated methods and supporting guidance. We are encouraged to see corporate leaders from across sectors getting ready to join these pioneers in setting their own targets.
As one cycle ends another begins; with the commencement of the corporate pilot of science-based targets covering seafood value chains. With applications now closed, three companies are in the process of being selected with the official pilot set to launch in early April.
We are also in the process of developing Initial Guidance for the Finance Sector, available later this year. This guidance applies a finance sector lens on the corporate science-based targets for nature methods. It will include how financial institutions can manage their financial flows in line with our 5-step process and how they can support and incentivize companies to set science-based targets for nature.
Our consultation approach
To understand SBTN’s consultation process, I encourage you to explore our latest blog. A crucial milestone in this process is the public consultation, which opens the floor to the broadest group of stakeholders for input. This blog post features a link to a summary of the feedback received during the public consultations we held in 2022 and early 2023. This feedback informed our first methods for setting science-based targets for nature released in May 2023 as well as subsequent and ongoing priorities.
Looking ahead to the next nature COP
Ahead of the 2024 UN Biodiversity Conference COP16 in Colombia later this year, Susana Muhamad, Minister of Environment and Sustainable Development for the Government of Colombia – and expected to be the Cop16 president – has vowed to prioritize nature in order to keep it in focus for next year’s climate talks. She recently said: “Although the climate is affecting biodiversity, nature is an answer to the climate crisis. It is not the only answer but it is a very important pillar and we want to position it very strongly to build towards COP30 in Brazil.”
Stay tuned for how we – alongside our partners – will show up together at COP16 to showcase the latest corporate action on nature and further mobilize companies and cities toward a nature positive future.
Best wishes,
Erin Billman, Executive Director
Science Based Targets Network
Get more information on science-based targets for nature, find out how to take action as a company or explore our Corporate Engagement Program.
