To actively participate in the development of new methods and guidance to protect and restore nature based on science Vattenfall as the first larger Swedish company recently joined the initiative Science Based Targets Network Corporate Engagement Program.
Since late 2019 Vattenfall’s emission reduction targets have been approved by the Science Based Targets, providing external validation that these are in line with climate science. Now Vattenfall takes another step with regards to Science Based Targets in order to secure that our efforts for climate also protect nature and biodiversity in a positive way.
World Economic Forum lifts biodiversity loss as a top global risk and this has an implication for business as well. One of the challenges when it comes to biodiversity is how to measure and there is a lack of a standardised approach as there is for climate.
“Climate change impact nature loss and vice versa. Both climate and biodiversity is on top of our agenda and we want to be a part of creating an equitable, fossil free and nature-positive future. Since we already have a Science Based Target for climate it is also natural for us to support the Science Based Targets for Nature initiative,” says Helle Herk-Hansen, Head of Environment at Vattenfall.
As a member of the Corporate Engagement Program Vattenfall has committed to support the work to test the tools that are being developed for businesses. This year Vattenfall has therefore started an assessment of our value chain impacts and dependencies on nature. The result will be an important first step in order to know more about how a science-based target for nature could look for Vattenfall.
“Our biodiversity efforts are guided by our 2030 ambition where we strive for a Net Positive Impact approach in our work. In order to deliver on this, we need to secure a consistent way of measuring our impacts and positive contributions as well as continue our research and development activities to identify innovative and digital solutions for biodiversity monitoring,” continues Herk-Hansen.
The Science Based Targets Network (SBTN) endeavours to develop these methods and guidance in collaboration with leading NGOs, international organisations and academic institutions. The SBTN is part of the Global Commons Alliance. The SBTN builds on the momentum of the Science Based Targets initiative (SBTi).
Currently there are 60 companies that have signed up for the Corporate Engagement Program. Among them companies like Kering, L´Oreal, The Coca-Cola Company and Unilever.
By Henrik Svensson, Vattenfall