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The Science Based Targets initiative (SBTi) has introduced a new decarbonization framework specifically for the buildings sector, aiming to align it with global net-zero targets. This comprehensive framework is designed…
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SBTi Introduces New Framework to Achieve Net-Zero in the Building Sector by 2030 – ESG News
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SBTi Introduces New Framework to Achieve Net-Zero in the Building Sector by 2030
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SBTi Introduces New Framework to Achieve Net-Zero in the Building Sector by 2030
by ESG News
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August 29, 2024
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Mandatory Action: No new fossil fuel installations and a 50% emissions reduction by 2030.
Comprehensive Coverage: Framework includes both operational and embodied emissions.
Expert Collaboration: Developed with industry leaders, ensuring a practical approach to decarbonization.
The Science Based Targets initiative (SBTi) has introduced a new decarbonization framework specifically for the buildings sector, aiming to align it with global net-zero targets. This comprehensive framework is designed for companies and financial institutions involved in the buildings value chain, urging them to commit to no new fossil fuel installations and halve their emissions by 2030.
The buildings sector contributes over 25% of energy-related emissions worldwide and is significantly impacted by climate change, with construction delays due to extreme weather already costing billions globally. The SBTi’s criteria offer a science-based pathway to mitigate these challenges by setting 1.5°C-aligned targets for emissions reduction.
“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 of the SBTi. “Decarbonizing both old and new buildings is paramount to tackling climate change. We call on these businesses to lead the net-zero transformation.”
Key Requirements for the Buildings Sector:
Stop Fossil Fuel Installations:Organizations must publicly commit to halting the installation of fossil fuel-based heating, cooking, power generation, and hot water systems by 2030.
Reduce In-Use Operational Emissions:These emissions relate to the energy consumption of buildings. The SBTi, in partnership with the Carbon Risk Real Estate Monitor (CRREM), has developed region-specific pathways for reducing in-use emissions, reflecting local variations in power grids and building usage.
Cut Embodied Emissions:With the global floor area expected to grow by approximately 15% by 2030, most of this expansion will occur in developing economies. The framework requires a reduction in emissions from materials production, manufacturing, transportation, and construction.
Retrofit Inefficient Buildings:Retrofitting existing buildings, which will comprise 80% of the 2050 building stock, must more than double by 2030 to meet the International Energy Agency’s Net Zero by 2050 Scenario.
Prof. Dr. Sven Bienert, Head of the CRREM Consortium, emphasized: “These tools and actionable guidance provide clear, science-based targets that enable the sector to accelerate decarbonization and drive the global shift to a net-zero economy. CRREM is committed to continuing the collaboration with SBTi to drive meaningful progress in reducing the carbon footprint of the buildings sector.”
The framework, developed with input from an independent Expert Advisory Group (EAG) comprising various stakeholders, underwent rigorous testing and public consultation to ensure its robustness and applicability.
Peter Heymann Andersen, COO at Ramboll, noted, “The SBTi’s guidance is invaluable; it not only demystifies ‘Paris-aligned’ for the sector but also fortifies our discourse with partners and clients, steering us toward a sustainable future in unison.”
Patrick Ho, Head of Sustainable Development at Swire Properties, added, “The initiative provides a scientifically robust and practical framework for real estate developers and stakeholders to establish pathways aligned with the 1.5°C target. The whole building approach enhances accountability for emissions reduction and encourages collaboration between landlords and tenants.”
Related Article: India Proposes Expansion of Sustainable Finance Framework in Securities Market
As the world confronts the pressing issue of climate change, the SBTi Buildings Criteria represents a pivotal step forward. By adhering to science-based targets, companies can lead the charge in transforming the building sector, fostering a more sustainable and resilient future.
For a detailed overview of the criteria and steps for target setting, join the SBTi’s global webinars on October 17, where experts will provide insights and answer questions from stakeholders.
Learn more about the Buildings Criteria here.
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