What are science-based targets (SBT)? What are the benefits for companies? What is the process of setting the targets in a publicly listed company such as Stora Enso? How do the SBT’s relate to business operations?

Stora Enso was the first forest products company to set ambitious science-based targets to reduce greenhouse gas emissions throughout its value chain. Now the company offers Finsif members the opportunity to hear about science-based targets and how they can be used as a tool for managing climate goals. Presentations will be given by Ulla Paajanen, SVP, Head of Investor Relations and Johan Holm, Head of Carbon Neutrality, Stora Enso.

The Science Based Targets initiative encourages companies to commit to science-based carbon dioxide reduction plans. The targets are based on a calculation method which ensures the targets are in line with the Paris Agreement. Emission targets are presented in concrete terms, such as the reduction of carbon dioxide emissions in tons and carbon intensity metrics. The partner organizations of the Science Based Targets initiative are the UN Global Compact, WWF, CDP, and the World Resources Institute.

In January 2020, 732 companies in the world were taking science-based climate action and 312 companies had approved science-based targets. In Finland 16 companies have signed the science-based commitment letter and 9 have also developed targets.