New SBTi Guidance Promising but Falls Short in Incentivizing Enough Corporate Climate Action
WASHINGTON, D.C. (March 4th, 2024) - Nathan Truitt, Executive Vice President of Climate Funding at the American Forest Foundation (AFF), released the following statement in response to new guidance released by the Science Based Targets Initiative (SBTi) encouraging corporations to invest in climate action beyond their value chain emissions:
“While SBTI is spot-on in its unambiguous recognition of the vital role the voluntary carbon market plays in companies investing in nature, its guidance does not go far enough in providing companies incentives to invest in nature-based credits now. We welcome SBTI’s encouragement to go beyond value chain emissions reductions, as well as its emphasis on the vital work of the Voluntary Carbon Markets Integrity Initiative (VCMI). But companies should be incentivized more strongly to use nature-based credits on the path to net zero, not only starting their investment in their net-zero target year. If companies can avoid investing in nature until 2050, which is permissible under this guidance, we have no chance to avoid the worst impacts of climate change in this next decade. Our planet depends on investing in nature now.”
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CONTACT: Kristen Voorhees, Communications Director, media@forestfoundation.org
About The American Forest Foundation
The American Forest Foundation is a national conservation organization that empowers family forest owners to make meaningful conservation impact. The organization’s flagship program, the Family Forest Carbon Program, helps landowners implement forest management practices to protect the health of their woodlands and help the planet. To learn more about the American Forest Foundation and the Family Forest Carbon Program, visit www.forestfoundation.org/carbon.
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