The Science Based Targets initiative (SBTi) guides businesses in the private sector on setting informed carbon reduction goals that combat the climate emergency. To champion those who have made commitments or are already on their way to achieving them, the organisation hosts Net Zero Action Day each year to inspire more businesses to take ambitious action that aligns with the latest environmental research on decarbonisation.
Colt has already set itself near-term science-based targets but has taken the step of committing them to the SBTi Net-Zero Standard, ensuring the pace and timeliness of these goals are approved by a globally-recognised governing body. These goals are:
- Scope 1 and Scope 2: A carbon reduction of 47% by 2030 (relative to a 2019 baseline) to meet the target of limiting temperatures rising no higher than 1.5 degrees
- Scope 3: Aligning with the Paris Agreement well below 2 degrees trajectory by reducing emissions by 28% (compared to our 2019 baseline)
The UN recently described the situation as “code red for humanity”, but that does not mean it is too late – it is still possible to limit global temperatures rising above 1.5°C – as long as we act now. Halving global emissions before 2030 and achieving net zero by 2050 are ultimatums that every business must adhere to for the planet’s future. Setting science-based targets is a trusted way of setting goals that provide clarity and transparency for a company and its customers.
The initiative provides demanding yet necessary science-based targets, and the 3,000-strong list of businesses already enrolled includes the likes of AIA, Allianz and Bupa. Near-term goals must be achieved by 2030; long-term targets stretch to 2050. Setting near-team targets that produce an emission reduction figure close to zero by 2050 is a prerequisite the SBTi require before considering helping a business set long-term targets.
Under the guidance of the SBTi, Colt has committed to setting long-term company-wide emission reductions in line with its Net-Zero Standard targets as well as aligning with the Business Ambition for 1.5°C campaign. By supporting these initiatives, Colt is allying itself with the world’s largest corporate sustainability initiative UN Global Impact, and We Mean Business – a coalition of businesses taking decisive action on climate change.
You can expect to hear Colt announce its SBTi-approved long-term targets in the near future, but in the meantime, this digital infrastructure company will persevere with its near-term goals of reducing emissions and helping its customers become more sustainable.
This blog forms part of the ESG Focus Series – a collection of blogs that explore or develop themes and findings from Colt’s 2021 Sustainability report.