The Science Based Targets initiative (SBTi) has launched a six-week public consultation on beyond value chain mitigation (BVCM). SBTi, which sets the standard for science-based target setting in corporate climate action, is seeking feedback on its upcoming guidance on reducing emissions outside a company’s value chain. According to the SBTi Corporate Net-Zero Standard, companies should invest in BVCM alongside their efforts to meet emission reduction goals. BVCM includes actions such as purchasing high-quality carbon credits or investing in carbon dioxide removal (CDR) through direct air capture (DAC).
The consultation aims to ensure transparent, open communication and engagement with all stakeholders. It is open to the public from June 19 to July 30, 2023. Interested individuals and organizations can contribute their opinions by completing a survey. SBTi will review the responses and develop its final BVCM guidance based on the feedback received.
The initiative’s focus on BVCM aligns with the growing recognition of the need to address emissions that occur beyond a company’s direct operations or supply chain. Many companies are now looking to go beyond reducing their own emissions and are exploring ways to offset or remove emissions from their value chains. By engaging the public in the consultation process, SBTi aims to ensure that its BVCM guidance is informed by diverse perspectives and takes into account the concerns and suggestions of all stakeholders.
The partnership between SBTi, Milkywire, and Murmur on BVCM reflects the collaborative approach being taken to address the complex challenges of climate change. SBTi’s expertise in science-based target setting, combined with Milkywire and Murmur’s knowledge and experience in sustainability and technology, will contribute to the development of effective and impactful BVCM strategies.
Overall, the consultation on BVCM is an important step towards advancing corporate climate action and establishing clear guidelines for reducing emissions outside of a company’s value chain. By involving the public and incorporating various perspectives, SBTi aims to develop comprehensive BVCM guidance that can drive meaningful change and help companies transition to a more sustainable future.