WBCSD requires member companies to adopt science-based targets
Published November 3, 2020
The World Business Council for Sustainable Development (WBCSD) has made the adoption of science-based targets part of new criteria for companies seeking membership of the organisation.
The updated conditions will mean member companies must have a science-informed plan to achieve net zero greenhouse gas (GHG) emissions by 2050. The conditions also require member companies to adopt higher standards in corporate governance and transparency.
The new criteria are:
- Set an ambition to reach net zero greenhouse gas (GHG) emissions no later than 2050 and have a science-informed plan to achieve it.
- Set ambitious, science-informed, short and mid-term environmental goals that contribute to nature/biodiversity recovery by 2050.
- Declare support for the UN Guiding Principles on Business and Human Rights by having in place a policy to respect human rights and a human rights due diligence process.
- Declare support for inclusion, equality, diversity, and the elimination of any form of discrimination.
- Operate at the highest level of transparency by disclosing material sustainability information in line with the Task Force on Climate-related Financial Disclosures (TCFD) and align Enterprise Risk Management (ERM) with environmental, social, and governance-related (ESG) risks.
The president of the WBCSD, Peter Bakker, said: “Getting the new membership criteria approved was a first major step, now we need to keep the momentum going and step up on the critical work needed for that. The bottom line is that if we don’t radically change in the next decade, there is no point in optimism, because we will run out of time. The work with our members is already ongoing, and coincides with the Vision 2050 refresh – to be published in early 2021 – the purpose of which is to formulate an action agenda for business for 2021-2030 to deliver the change that our planet and people desperately need.”