Along with over 50 stakeholders from across the carbon removals value chain, we are pleased to join an open letter by the Nordic Carbon Removal Association (NCRA) calling for revisions to the Science Based Targets initiative (SBTi) Corporate Net-Zero Standard. Carbon removals, such as BECCS, are critical for achieving Net Zero. Our open letter calls for an amendment to the new draft standard to ensure that the forthcoming Net-Zero Standard promotes – rather than restricts – companies’ and nations’ ability to make carbon removals part of reaching their Net Zero targets. Read the letter here: https://lnkd.in/evNGwVKy
55 stakeholders from across the permanent removals value chain call for revisions to the Science Based Targets initiative Corporate Net-Zero Standard. Permanent carbon removals are essential for achieving global net zero. Yet the current SBTi draft on corporate Net-Zero Standard risks severely limiting their use for corporate neutralization claims – potentially undermining both corporate and national pathways to net zero. The NCRA has coordinated a joint open letter signed by, amongst others, major buyers and market makers such as Nasdaq, Stripe, Puro.earth, South Pole and Klimate, industry associations including Negative Emissions Platform, Deutscher Verband für negative Emissionen e.V. (DVNE) and AFEN, as well as leading suppliers such as Beccs Stockholm, Ørsted, and Climeworks. The joint letter strongly urges SBTi to revise key elements of its draft Corporate Net-Zero Standard so that companies can credibly reach their net-zero targets using carbon removals alongside deep emission cuts. To ensure that the standard supports credible and scalable climate action, we call for two targeted amendments: ➡️ First, revise paragraph C29.6 so companies can use permanent carbon removals for neutralization as long as they aren’t also claimed by another company and are counted only once within national systems (NDCs). ➡️ Second, update the Additionality definition (1.3) so neutralization activities can contribute to a host country’s NDC if they are additional, with corresponding adjustments required only for ITMO transactions. We remain committed to engaging with SBTi to help ensure its standard empowers companies to meet their climate ambitions using permanent carbon removals as a complement to emissions reductions – while safeguarding environmental integrity. 🔗 Read the full letter on our website: https://lnkd.in/evNGwVKy #CarbonRemoval #NetZero #ClimateAction