Science Based Targets initiative (SBTi) is undergoing a major transformation to keep up with growing demand.
The move comes after last year saw an 87% year on year increase in the number of companies setting targets.
The initiative unveiled that it will be separating its validation services entity to make sure the SBTi is following best practices to ensure its evaluations are fair and impartial.
After seeing an 87% year on year increase, the SBTi is also expanding its validation services to ensure it has enough resources to serve corporate demand.
Last year, the initiative also doubled its headcount and halved average waiting times for target validations. It has also appointed an independent Technical Council, as an independent body to review and approve standards.
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While the SBTi was originally a partnership between the World Wide Fund for Nature (WWF), CDP, World Resources Institute (WRI), United Nations Global Compact, and the We Mean Business Coalition, it has now become an independent organisation in the UK.
The initiative has said it will still work closely with its original partners to continue its mission of promoting science-based climate targets.
Finally, the organisation has made changes to its governance and has appointed Francesco Starace as its new chair.
Starace is a partner at EQT Infrastructure and formerly the CEO of Italian energy giant ENEL, for which he is credited with driving renewable energy transformation through Europe and beyond.
Starace commented that he is “impressed” by its growth since launching.
“The SBTi plays an important role in encouraging ambitious corporate climate action, which relies on credible target validation and robust standard-setting,” he added.
