Science Based Targets

Background

The Science Based Targets initiative was established in 2015 to help companies to set emission reduction targets in line with climate science and Paris Agreement goals. In October 2021 SBTi launched the world's first Net Zero standard, providing the framework and tools for companies to set science-based net zero targets and limit global temperature rise above pre-industrial levels to 1.5 °C.

Best practice as identified by SBTi is for companies to adopt transition plans covering scope 1, 2 and 3 emissions, set out short-term milestones, ensure effective board-level governance and link executive compensation to the company's adopted milestones.

At this time, the SBTi covers corporates, but we expect that at some point soon, the methods and frameworks will be adopted and adapted for the consumer personal tracking market as well.

SBTi companies now cover 1/3 of global market capitalization ($38 trillion) after a record number of companies (2,253) across 70 countries and 15 industries, set SBTs in 2021. More on SBTi can be found here.

Emission Scopes

• Scope 1 / 2 - Covers direct and indirect GHG production emissions, that arise / are tied to a company’s owned means of production, such as furnaces, electricity and vehicles.

• Scope 3 - Covers other indirect emissions, such as the extraction and production of purchased materials / fuels, and transport-related activities in vehicles not owned or controlled by the reporting entity. Scope 3 emissions (also known as value chain emissions) often represent the largest source of greenhouse gas emissions and in some cases can account for up to 90% of the total carbon impact.

Business Aviation Contributions to CO₂

The Aviation sector currently contributes to 2-3% of global carbon emissions – with private aviation accounting for 0.04% of total global CO₂ emissions. Despite this relatively low contribution, aviation has been pegged as a heavy emitting sector and is considered to be a “hard-to-abate sector” due to the fact that it is one of the most difficult sectors to decarbonise.

Given that the International Air Transport Association's (IATA) projections for aviation forecast a 2.3% annual compound growth through 2050, this means that action needs to be taken now if the sector’s target of net zero by 2050 is to be met.

At Victor we do not ignore the fact that a private jet emits up to 20 times more CO₂ per passenger mile than a commercial airliner. If you truly care about the planet, the obvious choice is to not fly at all, but given the importance of travel, the privilege of flying privately therefore comes with an urgent and important responsibility to the planet.

IATA has committed to achieving carbon neutral growth from 2020 onwards and net-zero carbon emissions from the global air transport industry operations by 2050. While many solutions, such as electrified aviation, are still in early stages of development, the industry needs solutions to cut the direct carbon emissions of flying. Immediately.

Companies and individuals ready and willing to reduce their emissions need credible solutions to reach their climate targets, and ways to report on progress. The most credible and commonly used methodology to date is known as the Sectoral Decarbonisation Approach (SDA). This was published in 2015 by the Science-Based Targets initiative (SBTi), a partnership between CDP, UN Global Compact, the World Resources Institute and WWF.

In line with SBTi, companies worldwide are now setting Science-Based Targets (SBTs) based on the required decarbonisation trajectory of their sector, in order to align with the Paris Agreement goals. These are built on robust climate change mitigation scenarios developed by the Intergovernmental Panel on Climate Change (IPCC) and the International Energy Agency (IEA), which are based on the best available science and analysis from around the world. These same scenarios underpin national and international climate change policy decisions.

How Individuals And Corporates Can Use Neste MY SAF™ Against SBTs

Neste MY SAF™ can help Victor members to meet their climate targets as it is developed following the aviation sector guidance (v1.0 August 2021) by SBTi. The solution is also end-to-end audited, following the principles of established GHG accounting and reporting frameworks (GHG Protocol). These are considered to be the gold standard for credible climate action.

For bookings involving a NESTE MY SAF™ purchase, Neste will supply a Delivery Confirmation document stating the carbon dioxide emission reduction, which can be used for science-based emission reporting by the Victor member.

• With a clear chain-of-custody, Neste links specific SAF volumes to the Victor member and their company.

• To provide real climate benefits and GHG reductions, the SAF delivered is in addition to existing mandates, and exclusive of regulatory incentives.

• It is ensured that SAF is not double-counted across reporting or customers.

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