Why Companies Might Need an Extension on SBTi Commitments
Science-based targets (SBTs) are a powerful tool for companies to reduce their greenhouse gas (GHG) emissions and mitigate climate change. However, even companies that have committed to SBTs may need an extension to meet their targets. Here are a few common reasons why companies may need an extension:
Complexity of operations: Some companies have complex operations and supply chains that make it difficult to accurately measure and reduce emissions. In these cases, additional time may be needed to gather accurate data and develop effective reduction strategies.
Limited resources and expertise: Setting SBTs and implementing emissions reduction strategies can be resource-intensive, and some companies may not have the resources or expertise to do so in the original timeframe.
Limited access to financing and technology: Implementing emissions reduction strategies can be costly, and some companies may not have access to the financing or technology needed to do so in the original timeframe.
Resistance to change: Change can be difficult, and some companies may be resistant to implementing new processes and technologies to reduce emissions. In these cases, additional time may be needed to educate and engage employees and stakeholders.
Market conditions and competition: Companies may face market conditions or competition that make it difficult to prioritize emissions reduction efforts. In these cases, additional time may be needed to adapt to changing conditions and develop a competitive advantage.
Unforeseen events: Unforeseen events such as natural disasters, economic downturns, or pandemics can disrupt operations and make it difficult to meet emissions reduction targets in the original timeframe.
While some of these reasons are prohibitive to progress and may just require time to resolve, there are actually quite a few ways to address the first three challenges listed above as:
Complexity of operations
Limited resources and expertise
Limited access to financing and technology
If you find that you are in one of these three situations, our team is happy to do a free advisory session to talk to you about your options - even if the best one for you is a competitor of ours. You can reach our team at hello@inboldprint.co to schedule.
