BSI Sets Course for New Global Standard on Net-Zero Targets 🌍

The British Standards Institution (BSI) has begun an 18-month journey to develop a new global standard ensuring the credibility of net-zero targets for businesses and organizations. This new standard is slated for release at the 2025 UN Climate Conference, COP30, in Brazil. 🌱

Headquartered in the UK, BSI boasts over 77,500 clients worldwide and has significantly expanded its international influence in recent years. The development of this net-zero standard is a collaborative effort with Colombia’s national standards body, ICONTEC. Experts from standards organizations across more than 170 countries are expected to contribute to this initiative, with a public consultation scheduled for 2025. 📊

This forthcoming standard aims to replace BSI’s current ISO Net Zero Guidelines, enhancing best practice recommendations to align with the latest frameworks for target-setting, strategy development, and disclosure since the Guidelines were introduced in 2022. 📈

Susan Taylor Martin, BSI's Chief Executive, highlighted the importance of global collaboration in clarifying and enhancing the credibility of net-zero commitments. She stated, “While progress is being made to decarbonize key industries globally, the complexity of the net-zero landscape and lack of clarity could hinder efforts to transform ambition into action.” 🤝

Businesses operating in the EU might soon need third-party verification to make net-zero claims, as the Green Claims Directive takes shape. 🔍

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A Pivotal Year for Net-Zero Standards 🗓️

This initiative by BSI and ICONTEC coincides with another significant development: the refinement of the Corporate Net-Zero Standard. The organization responsible for this standard is set to release updated guidelines on using ‘environmental attribute certificates,’ including carbon credits, to meet climate goals, particularly for Scope 3 (indirect) emissions. The anticipated updates are expected to relax the current guidelines, which limit companies to offsetting only 10% of their total emissions. 🌿

These proposed changes have ignited substantial debate, with some concerned that more lenient offsetting provisions could undermine the need for profound decarbonization. Supporters argue that with proper guidelines, these changes could be beneficial. ⚖️

BSI’s research, conducted with Oxford Net Zero, revealed that businesses seek more clarity on the appropriate use of offsets and the definition of “residual emissions.” The findings showed varied definitions, typically capping residual emissions at 5-10%, which could be adjusted by revising baseline years for targets. 📅

Recent surveys have indicated significant apprehension regarding carbon credit markets, with many experts considering them too risky for investment at this time. 📉

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