The climate crisis is rapidly intensifying, and immediate, far-reaching action is needed from all sectors of society to avoid the most catastrophic consequences. While progress is being made, current efforts are still grossly insufficient to limit global warming to 1.5°C above pre-industrial levels.
Businesses, in particular, have a crucial role to play in driving the systemic changes required for a net-zero future. The Science Based Targets initiative (SBTi) has provided a robust framework through its Corporate Net-Zero Standard for companies to set ambitious, science-based emissions reduction targets aligned with 1.5°C pathways. However, the corporate climate imperative goes beyond just achieving value chain decarbonization.
That’s where the concept of “Beyond Value Chain Mitigation” (BVCM) comes in. As outlined in the SBTi’s recent report “Above and Beyond: An SBTi Report on the Design and Implementation of BVCM,” companies are encouraged to take action and invest in climate mitigation activities outside their value chains. This is a vital mechanism for catalyzing broader systemic change and accelerating progress towards global net-zero emissions.
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