In 2015, world leaders made history in Paris when they agreed to limit global warming to 1.5°C above pre-industrial levels. Climate scientists had been sounding the alarm for decades, and the world was finally listening.
Fast forward to the 2020s, and nations around the world have adopted some of the most ambitious sustainability targets in modern memory. It’s been an astonishing acceleration. But if we want to truly avoid the worst effects of the climate crisis, we believe that we still need to go further — and faster. Science-based targets are one accountable and transparent way for businesses to help bridge the gap between their climate action and the latest climate science.
Why are science-based targets important ?
If we calculate all national carbon reduction plans globally, we still find ourselves on a trajectory to reach above 2°C of warming (or even more). The difference between 1.5° and 2° may seem insignificant, but the IPCC warns us that in reality, anything above 1.5° would be catastrophic. At Goodman, we don’t see this as a reason to lose hope — we see it as a call to climate action. That’s why we’re joining the SBT initiative and committing to go above and beyond to help stay within a 1.5°C future.
What are science-based targets ?
The Science Based Target initiative (SBTi) mobilizes companies to align their climate action with the latest climate science. Launched as a partnership between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF), the SBTi sets a new gold standard for corporate sustainability in the 21st century. To date, more than 2000 companies worth trillions of dollars have committed to act according to the latest climate science. We’re proud to join them.
What are our science-based targets ?
Every company’s emissions are different — and their science-based targets should be, too. At Goodman, ours is a commitment to reduce, by 2030, absolute scope 1+2 GHG emissions by 70% and its relative scope 3 emissions by 55% from a 2019 base year. In a nutshell, that means we’re the first major logistics real estate developer to establish a science-based, externally-validated pathway towards a 1.5°C future. But we won’t be the last.
How will we reach our science-based targets ?
From scope 1 to 3, upstream to downstream, our carbon reduction strategy always follows the same approach. First, we measure to understand where and when emissions are occurring; next, we reduce them as much as possible; and then — and only then — we offset what’s left over. We’ll keep doing this until 2030 to reduce our carbon footprint according to our SBT pledge. After that, we’ll continue to set new and more ambitious targets based on the latest climate science to do our part in our collective push towards a zero-emissions economy.