INSIGHT by the Science Based Targets initiative (SBTi)
Smart Freight Centre (SFC) and the Science Based Targets initiative (SBTi) have formed a technical collaboration to further build on the platform they have developed to accelerate the decarbonization of the transport sector. The entities will collaborate to standardize greenhouse gas accounting, conventions and high-level principles to set global 1.5°C-aligned pathways for the transport industry.
The transport sector is responsible for over 37% of global CO2 emissions among all end-use sectors. It is also being seriously affected by climate change. As the fastest-growing source of emissions worldwide, it is critical for this sector to scale up climate action and help keep the 1.5°C global temperature goal within reach.
SFC and the SBTi have a long track record of collaboration. SFC supports the SBTi with the development of transport sector guidance and associated tools that define and support 1.5°C compliant corporate decarbonization in the sector – such as the 2022 SBTi Maritime Guidance. SFC also includes science-based target setting as a core step on its sustainable logistics roadmap that companies are encouraged to follow, while the SBTi recognizes the GLEC Framework, SFC’s first and primary industry guidance document, as a foundational element of its Transport Guidance.
With the formalization of this technical collaboration, SFC and the SBTi will bring together an integrated, multimodal approach to transport sector target setting. The collaboration will provide transport companies with improved guidance to scale climate action and accelerate decarbonization in line with 1.5°C. This extends to all relevant transport modes (i.e. road, rail, aviation, inland waterways and maritime) and activities (e.g. passenger, freight).
Dr. Luiz Fernando do Amaral, CEO of the SBTi, said: “The impacts of global warming are increasingly devastating. We are drawing on the power of collaboration, sharing knowledge and resources to support businesses in making significant and measurable progress in the fight against climate change. We also need the transport sector’s leadership and commitment to make it happen. And, setting science-based targets is the crucial first step.”
The overall objective of the collaboration is to update the SBTi Transport Sector Guidance, address gaps and bring additional clarity to support faster transport sector decarbonization.
Dr. Christoph Wolff, CEO of Smart Freight Centre, said:“Smart Freight Centre is happy to announce joining forces with the SBTi in order to help companies accelerate their decarbonization efforts to reach net-zero before 2050. Through this collaboration, SFC and the SBTi will develop new technical guidance, deliver comprehensive updates of existing resources and define best practices for accounting, monitoring and reporting of transport emissions. We look forward to working together to scale our impact.”
To cut emissions, strengthen investor confidence and achieve a net-zero economy, the solution is clear: companies in the transport sector must show leadership by setting ambitious near- and long-term emissions reduction targets, and having them validated.
| All opinions expressed are those of the author and/or quoted sources. investESG.eu is an independent and neutral platform dedicated to generating debate around ESG investing topics.
