The global climate initiative ‘Science Based Targets initiative’ (SBTi) has launched the ‘Net-Zero Standard’ on Thursday, the world’s first certification of whether companies’ net-zero greenhouse gas emissions targets meet the requirements of climate science.
As part of the launch, SBTi has approved Ørsted’s 2040 net-zero emissions target across the entire value chain as science-based. This makes Ørsted the first and only energy company to receive the new net-zero validation and the company is also one of just seven companies to receive the recognition.
- At Ørsted, we welcome SBTi’s new Net-Zero Standard, which provides much-needed clarity on what is required for companies’ net-zero targets to actually contribute to limiting climate change. We are proud to be the first energy company in the world to have received approval that our goal of achieving net-zero emissions by 2040 is fully consistent with what climate science requires, says Mads Nipper, CEO of Ørsted.
The Carbon Disclosure Project (CDP), the World Resources Institute (WRI), the World Wide Fund for Nature (WWF) and the UN Global Compact (UNGC) are behind SBTi.
The Net-Zero Standard is designed to create credible criteria that define what long-term net-zero goals look like if they are to be consistent with the Paris Agreement. This is to prevent companies from meeting climate neutrality targets by basing it on climate compensation and not implementing the reduction of their own emissions that is necessary to reduce global CO2 emissions.
In 2020, Ørsted raised its climate ambition level to encompass its entire climate footprint by committing to the company's entire value chain being CO2-neutral by 2040. These are the ambitions that have now received a scientific seal of approval from SBTi.
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