Gold Standard and Science Based Targets define critical role for carbon credits
Paris, France, 7 December 2015 - Over a hundred companies have now signed on to adopt a long-term Science Based Target (www.sciencebasedtargets.org) to reduce their greenhouse gas emissions according to what is needed by science to remain within two degrees of warming.
Gold Standard has entered into a collaboration with the Science Based Targets Initiative to explore the role of businesses in financing additional emissions reductions outside of their own operations or supply chain. This provides further means for the private sector to accelerate global decarbonisation.
UPDATE: The outcomes of this collaboration have been published in two documents: Corporate Climate Stewardship guidelines
and further recommendations for Defining a Corporate Climate Finance Commitment to help meet the ambition of the Paris Agreement.
Contributions from the corporate sector to global climate finance goals align with the principles that shape the commitments that developed countries are now making at the COP21 climate change negotiations. Toward a goal of equitable climate finance, developed countries and corporations are called to both reduce carbon emissions at home and finance emissions reductions abroad, based on their historic contributions to climate change and their greater resources to fight it. By following Gold Standard recommended criteria to ensure that only emissions reductions with most rigorous environmental and social impacts are eligible, this new dimension of corporate climate leadership helps make climate finance also work to deliver outcomes toward the UN Sustainable Development Goals.
This development sits at the core of best practice climate action guidelines—new recommendations that Gold Standard is shaping in collaboration with WWF International.
“Reduce at home, finance abroad’ is the new mantra for countries and companies alike,” comments Pedro Faria, Technical Director of the Carbon Disclosure Project (CDP). Alberto Carrillo, Head of Climate Business Engagement, Global Climate and Energy Initiative, WWF International adds, “The Science Based Targets initiative is pleased to explore this new dimension of leadership for companies who are ready to assume full accountability of their direct and indirect emissions and to help accelerate decarbonisation in other regions and sectors.”
“Gold Standard’s role has always been to ensure that climate action, however it’s financed, also translates to development benefits for local communities—a trend that continues to gain momentum,” says Marion Verles, CEO of Gold Standard. “This new cooperation will be a multiplier effect for climate and development finance, creating a powerful tool to achieve the ambitious goals set in post-2015 climate and development agendas.”
In 2016, a working group will be convened to define the methodology for setting these additional financing targets per sector.
Contact: Sarah Leugers, Director of Marketing and Communications, +41 79 896 9652
UPDATE: The outcomes of this collaboration have been published in two documents: Corporate Climate Stewardship guidelines and further recommendations for Defining a Corporate Climate Finance Commitment to help meet the ambition of the Paris Agreement.