With the recent release of SBTi's pivotal guidance, businesses are swiftly sensing its reverberations. SBTi-committers have laid down a clear timeline for FLAG target compliance, shaping the landscape for companies.
Discover how to seamlessly align with SBTi's FLAG guidance through these eight strategic steps:
1. Embrace Discovery:
Delve into the new FLAG guidance, comprehending its implications for emissions accounting and reporting. Assess its relevance to your company, and determine the need for target updates if you're already set.
2. Conduct Screening:
Conduct a thorough screening of your land sector activities. Identify and map FLAG emissions to grasp their impact on scope 1, 2, and 3. This guides your decision on setting FLAG targets.
3. Craft Target Models:
If mandated to update or establish new targets, proceed to model them using the FLAG sector pathway, commodity intensity pathway, or a strategic combination. Identify essential emissions reductions and removals, while adhering to SBTi's forward-looking ambition criteria for FLAG targets.
4. Streamline Target Submission:
Prepare a comprehensive target submission package encompassing both emissions reduction and removal targets. This package undergoes updates and validation.
5. Meticulously Gather Data:
Establish a strong FLAG emissions data collection process. Identify key data, engage stakeholders, find suitable databases, and select a platform for collection and calculation. Get ready for yearly FLAG data collection and reporting. While GHG Protocol's Land Sector and Removals Guidance is in draft, other guidance can offer preliminary insights
6. Formulate a Strategic Path:
Develop a holistic company-wide strategy to drive progress toward your set targets. Identify pivotal levers for emissions reductions and removals.
7. Take Decisive Action:
Initiate purposeful actions to realize your targets. Similar to non-FLAG targets, FLAG targets span a timeframe of five to ten years, prioritizing immediate actions over long-term ambitions.
8. Stay Informed:
Keep pace with the latest versions of SBTi's FLAG guidance. An updated version will follow the finalization of the GHG Protocol Land Sector and Removals Guidance, ensuring alignment with corporate accounting standards.
In the dynamic emissions landscape, SBTi sees this version as a starting point with upcoming updates. Companies can set targets while improving reporting through supplier collaboration. Align accounting methods with GHG Protocol standards, disclosing and implementing changes. Assess impacts on targets using SBTi criteria, allowing recalibration for significant shifts. SBTi's FLAG guidance is vital for progress in scope 1, 2, and 3 emissions.
