Near-term Science Based Targets must be met within 5-10 years
Under the near-term science based targets initiative, scopes 1 and 2 GHG emissions must not exceed a temperature rise of 1.5 degrees celsius, and scope 3 emissions must remain well below 2 degrees celsius. The boundaries of coverage for each scope are as follows: Reporting for scopes 1 and 2 must at least cover 95% of total emissions inventory in the respective scopes and if a company’s scope 3 indirect emissions make up more than 40% of their total GHG emissions, a minimum of 67% of coverage is required. The ambition levels are based on science based climate targets set in the Paris Agreement as well as recommendations from the Intergovernmental Panel on Climate Change (IPCC).
Long-term Science Based Targets must be fulfilled no later than 2050
The ambition levels for long-term science based targets are more stringent, requiring scopes 1, 2 and 3 to not go over 1.5 degrees celsius. The boundaries are also larger and more ambitious, requiring 95% coverage of scopes 1 and 2 and 90% coverage of scope 3, no matter how much scope 3 makes up of a company’s emissions.