PODCAST: Are Science-Based Targets Enough?
Companies have entered a new era of sustainability; one where the most important focus is no longer what they stand for, but rather what they stand up for. Tracking and reporting environmental metrics alone is simply no longer enough. Investors and consumers are challenging organizations to provide a more holistic and results-oriented approach to their sustainability strategy. They’re looking for organizations to set goals like zero-carbon emissions and Science-Based Targets (SBTs) to show their commitment for sustainable practices.
This approach represents a tectonic shift in sustainability professional’s motivations. Leadership with SBTs must move beyond the mentality of companies just doing their "fair share" to combat climate change. A company must now look beyond the impact of its own value chain by engaging the entire supply chain that feeds its business, to embed this mindset across companies globally.
In early October, Schneider Electric met with other leading companies at the Innovation Forum in Detroit, Michigan to talk about how businesses can measure the impact and return on investment of corporate sustainability. The event focused on how businesses can deliver greater impact through sustainability functions, and how industry professionals can define and understand the impact of their sustainability programs. Attendees discussed how they can elevate sustainability in the board room, how to decode what investors are really looking for in companies and how to communicate more effectively in reporting.
Schneider Electric attended to discuss its own journey setting SBTs and how it’s impacting its business and GHG strategies. This year, Schneider Electric committed to sourcing 100 percent renewable electricity and doubling its energy productivity. These commitments are yet another step in its goal of becoming carbon neutral by 2030.
Schneider Electric is not only committed to advancing its own sustainability; we are passionate about helping other organizations highlight opportunities to improve and navigate the goal-setting and stakeholder engagement processes.
Listen to this podcast from the Innovation Forum event to learn how Schneider Electric is moving toward doing more than its “fair share” as Nathan Shuler, Sustainability Solutions Architect, discusses our approach to SBTs and how our sustainability goals have influenced our business goals. Nathan also outlines some of the corporate challenges around zero-carbon ambitions and properly engaging with scope 3 supply chain emissions, and how SBTs can be made more relevant for smaller organizations (like Pukka Herbs).