SBTi Unveils New Criteria for Buildings Sector Emissions Reduction Targets
The Science-Based Targets initiative (SBTi) has released new criteria to reduce emissions in the Buildings sector, which features four key actions companies and financial institutions can take to accelerate their low-carbon energy transition:
- Stop fossil fuel installations: Public commitment to halting the installation of fossil fuel-based heating, cooking, power generation and hot water equipment from 2030 at the latest.
- Reduce in-use operational emissions: In-use emissions are those associated with a building’s energy use. The SBTi collaborated with the Carbon Risk Real Estate Monitor initiative (CRREM) to develop regional pathways for in-use emissions so that targets reflect variations in local power grids and how buildings are used.
- Reduce upfront embodied emissions: Global floor area is expected to grow ~15% by 2030, nearly 80% of which will be in developing economies. The criteria requires companies to set a target to reduce embodied emissions, i.e. those from raw materials, manufacturing, transportation and construction.
- Retrofit inefficient buildings: 80% of current buildings are expected to remain standing until 2050. Retrofitting needs to more than double by 2030 to align with the IEA’s Net Zero by 2050 Scenario. The SBTi recommends companies commit to implement energy efficiency improvements to decarbonize old buildings.
Buildings account for over a quarter of energy-related emissions. The SBTi’s Buildings Sector Science-Based Target-Setting Criteria takes a ‘whole building approach’ and empowers businesses to leverage readily-available solutions to reduce and efficiently manage energy use.
“This sector now has the tools to build towards net-zero - companies and financial institutions must take immediate action,” said Alberto Carrillo Pineda, Chief Technical Officer, SBTi. “Decarbonizing both old and new buildings is paramount to tackling climate change. We call on these businesses to lead the net-zero transformation.”
Read the full SBTi announcement here.
Download the Buildings Sector Science-Based Target-Setting Criteria here.
Related Resources:
Demonstrating Leadership in Building Decarbonization Consulting