Setting emissions reduction targets involves several best practices that can drive meaningful environmental impact. Firstly, targets should be science-based, aligning with the latest climate science to meet the goals of the Paris Agreement, such as limiting global warming to well below 2 degrees Celsius. The Science Based Targets initiative (SBTi) provides guidance for companies to set such targets. Secondly, targets should be specific, measurable, achievable, relevant, and time-bound (SMART) to ensure they are realistic and trackable. Companies should also engage stakeholders across the organization to foster accountability and integrate targets into their business strategy. Additionally, transparency in reporting progress towards these targets is crucial for maintaining stakeholder trust and ensuring accountability. Regularly reviewing and adjusting targets as new data and technologies become available can help in maintaining their relevance and effectiveness.
Key Takeaway: Best practices for emissions reduction targets include being science-based, SMART, and integrated with business strategy.