On 9 April 2024 the SBTi Board of Trustees shared a statement announcing updates (following a six-month consultation) to its Corporate Net-Zero Standard to allow the use of some Environmental Attribute Certificates, including carbon credits, towards Scope 3 abatement targets.
Sheri Hickok, CEO, Climate Impact Partners, shares her views on the update.
Driving climate action at scale
"We need to drive climate action further and faster, with many in the private sector wanting to make urgent progress. It’s encouraging to see SBTi acknowledging the positive impact of high-quality carbon credits and carbon finance in delivering climate action at scale – giving companies credit for their leading action and underpinning credible claims.
The update recognizes that companies that use the voluntary carbon market go beyond internal reductions, in fact they’re decarbonizing at twice the rate of those not using carbon credits, put the price of carbon into the business to drive greater change, and are contributing towards a global transformation to a low carbon economy.
While we await further details, this update is a strong signal to companies that the voluntary carbon market should play an important role in their climate programs, driving positive impact today. Not to mention the multitude of co-benefits to communities on the frontline of climate change."
During the wait for best practice guidelines, head to the Climate Action Protocol to understand how carbon credits can form part of a high-quality climate action program. It compares the requirements of SBTi’s Net-Zero Standard alongside other high-integrity claims.
We need to drive climate action further and faster, with many in the private sector wanting to make urgent progress. It’s encouraging to see SBTi acknowledging the positive impact of high-quality carbon credits and carbon finance in delivering climate action at scale – giving companies credit for their leading action and underpinning credible claims.
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