ESG & Investing
How One of the Most Revered Climate Groups Descended Into Chaos
The Science Based Targets initiative is at the center of a fierce debate over carbon offsets that will have major implications for corporate climate action.
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The statement that appeared on the Science Based Targets initiative’s website last month was so out of keeping with the climate group’s position that its own communications team thought it had been hacked.
SBTi, whose blessing confers important credibility on corporate net zero plans, appeared to have reversed its stance on a controversial issue. The April 9 press release from its board said companies could use carbon credits to offset so-called Scope 3 emissions from their supply chains, an approach some scientists have warned could jeopardize the fight against global warming.