The Science Based Targets Network (SBTN), a voluntary initiative for companies to set science-based targets related to their impacts on nature, has appointed an independent Accountability Accelerator to validate targets for an interim period of up to three years.
SBTN is a group of over 80 organisations that describes its function as “extending the concept and momentum of the Science Based Targets initiative [for greenhouse gas emissions] … to address broader environmental issues through science-based targets for nature”.
The group and the Accountability Accelerator are both members of the Global Commons Alliance, a consortium of over 100 organisations focused on corporate mobilisation for the ‘global commons’, especially nature. The validation services are expected to launch later this year.
The appointment follows SBTN review of insights from independent consultants commissioned during the target-setting initiative’s pilot programme for corporates, which is on track to wrap up by mid-year, SBTN Executive Director Erin Billman said in a statement to Carbon Pulse.
By appointing the Accountability Accelerator, SBTN aims to ensure that companies submitting targets undergo an “independent and rigorous evaluation process”, she added.
This will be done by separating the core target-setting functions of method development, undertaken by SBTN, and target validation, assigned to the Accountability Accelerator.
“Many initiatives begin with validation occurring in-house until methods are fully stabilised and training, accreditation, and oversight of third parties can be in place,” Billman told Carbon Pulse.
“By investing in a degree of separation now with the Accountability Accelerator, SBTN is taking an important step.”
DIVISION OF LABOUR
The Accountability Accelerator will evaluate each company’s proposed science-based nature targets through an expert review process involving internal and external validators.
The body is currently finalising its governance structure, building a platform for target submissions and validations, and recruiting and training validators.
It will be setting up two entities: an Integrity Council, which will be independent from both the accelerator and SBTN, and a Learning Committee.
The council will provide overarching governance, ensuring that validation follows due process, approving so-called ‘strategic validation decisions’, and playing an active role in complaints and appeals.
Meanwhile, the Learning Committee will liaise between SBTN and the Accountability Accelerator’s validators. In this way, method developers and validators can share lessons learned, according to an SBTN press release.
The accelerator’s interim assignment is meant to give SBTN time to refine its approach and ascertain which target validation model and provider will be optimal over the long term.
In the second half of 2024, SBTN will invite new companies to submit nature targets for validation.
SBTN and the Accountability Accelerator launched an expression of interest form this month to note which companies are considering participation in the target-setting scheme, thereby informing team resourcing.
Validation fees will be dedicated solely to the Accountability Accelerator’s operations. They will be kept separate from the SBTN and its methodology development activities.
By Alejandra Padin-Dujon – alejandra@carbon-pulse.com
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