New York, June 21, 2024 – The Wildlife Conservation Society, along with American Forest Foundation, Conservation International, Environmental Defense Fund, Fauna & Flora, and The Nature Conservancy, signed a joint letter supporting the use of high-quality carbon credits in the abatement of scope 3 emissions under the Science Based Target initiative’s Net-Zero-Standard.
The letter reads as follows:
To the attention of: Luiz Amaral, Chief Executive Officer, Science Based Targets Initiative (SBTi) Alberto Carrillo Pineda, Chief Technical Officer, SBTi Maria Outters, Chief Impact Officer, SBTi
Dear Science Based Targets Initiative,
We are writing to express our joint support for the limited and near-term use of high-quality carbon credits in scope 3 emissions abatement, including the potential use of Environmental Attribute Certificates (EACs) under the SBTi Net-Zero Standard. We also extend our assistance to SBTi in developing guardrails to ensure these tools deliver much-needed additional climate action.
The private sector will be key to reach our global climate goals and SBTi’s role has been pivotal. SBTi’s work has supported more companies than ever before setting science-based near-term and net-zero targets, representing a watershed moment in corporate climate action. But there is a large gap between commitments and true progress that could threaten the viability of the net-zero transition. Recent research has found that just 18% of companies are on track to meet their long-term net-zero goals and addressing scope 3 emissions is the biggest challenge for many companies.
With the 2023 UNEP Emissions Gap Report noting that the world would need to reduce global emissions 42% by 2030 to get on track for 1.5C, now is the time to deploy every valid tool at our disposal to accelerate climate progress. When created with integrity, carbon credits can deliver real, science-based emissions reductions and removals. And when used correctly, as part of corporate strategies that also prioritize value chain mitigation, carbon credits result in more, faster decarbonization at a global scale. In addition, high-quality, nature-based credits in particular support an essential climate solution while promoting global biodiversity and sustainable development goals, particularly in the Global South, that few other climate solutions can offer. Establishing the guardrails to ensure that carbon credits and other EACs speed, rather than hinder, climate progress at a global scale is a solvable problem and is the essence of what it means to be science-based.
SBTi’s announcement and the work that follows to define these guardrails through the forthcoming process to revise the Corporate Net-Zero Standard V2.0 is movement in the right direction.1 We propose credible use of carbon credits in any science-based approach to net-zero must follow these principles:
The science is clear that natural climate solutions represent at least one third of the solution to climate change mitigation, and carbon markets are the best proven mechanism available to date to scale financial investment. As we work towards responsible inclusion of carbon credits in SBTi standards, we will continue to work with others in the scientific community to further strengthen the evidence base in several areas related to corporate decarbonization and the use of credits, including:
We, the below organizations, look forward to the opportunity to contribute our scientific and topical expertise to SBTi’s process to revise the Corporate Net-Zero Standard. Given the consequence and depth of engagement on this topic, we hope for a more transparent and inclusive standard revision process going forward. We need every effective lever available when it comes to tackling climate change and we firmly believe that, under a science- and evidence-based approach and when clear guardrails are in place, nature-based carbon credits can provide an opportunity to maximize climate impact while unlocking benefits for people and nature.
Yours sincerely, American Forest Foundation Conservation International Environmental Defense Fund Fauna & Flora The Nature Conservancy Wildlife Conservation Society
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