- The Mission Possible Partnership (MPP) and the Science Based Targets initiative (SBTi) have formed a technical collaboration to enhance the compatibility of the SBTi Sector Projects and MPP Sector Transition Strategies, providing companies in high-emitting sectors with a simplified roadmap to scale climate actions and accelerate decarbonization in line with 1.5°C.
The technical collaboration will improve guidance to support companies in many high-emitting sectors through the target setting process and the development of transition strategies. The aim is to support these companies to achieve emissions reduction targets at the pace and scale required to align with the Paris Agreement.
High-emitting sectors play a critical role in accelerating the transformation to a net-zero economy and preventing the worst effects of climate breakdown. The seven sectors covered by this collaboration are responsible for over 30% of global greenhouse gas emissions, and some of them, as is the case of steel, are also being seriously affected by climate change.
Through this collaboration we have already begun co-developing an ambitious and technically robust methodology to provide more granular decarbonization pathways that are 1.5°C aligned for the iron and steel industry, taking into account the unique context of the sector.
Dr Luiz Fernando do Amaral, CEO of the SBTi, said “The science is clear – we are already experiencing the impacts of climate change and the only way to prevent a catastrophe and ensure a habitable future is immediate and ambitious climate action.”
The combined expertise of these two initiatives will provide businesses with the clarity and confidence to set ambitious near- and long-term emission reduction targets in line with science. It will also guide them in the development of effective transition strategies to remain economically competitive, while demonstrating tangible sustainability commitments to increasingly-conscious investors.
The SBTi and MPP will host a panel discussion where Chad Holliday, MPP Board Chair and Luiz Amaral, CEO of the SBTi will speak about the importance of this collaboration and how this alliance will support companies in high-emitting sectors to set ambitious, science-based targets and scale their climate impact.
To cut emissions, strengthen investors’ confidence and show leadership to achieve a net-zero economy, the solution is clear: companies in high-emitting sectors must set science-based targets and align with MPP Sector Transition Strategies.