LATEST ARTICLE Scope 4 emissions: redefining corporate responsibility Read Article

Record-breaking leap: 87% surge in global corporations adopting science-based targets

In a landmark development, corporate engagement in climate action reached new heights in 2022, as the Science Based Targets initiative (SBTi) unveiled a remarkable 87% upswing in the number of companies aligning with science-based targets. The initiative's latest report highlights a substantial surge in companies with validated targets—a staggering 1,097, surpassing the cumulative tally of the preceding seven years combined, totalling 1,082. 

Global corporations adopting science-based targets_Landscape view on a tea plantations and bamboo forest at sunset in Japan_visual 1Landscape view of tea plantations and bamboo forests at sunset, Japan.

Among the standout achievers in this global movement, Japan emerged as a frontrunner, boasting a notable 201 companies that solidified their commitment to science-based targets during 2022. Close on its heels were the UK, with 181 companies, and the US, with 109, signifying a distributed global participation.

Read more: The power of sustainability: Why investing in sustainability drives faster company growth

Of particular significance, Asia showcased resounding growth, boasting a 127% increase in companies aligning with science-based targets. In this trajectory, China excelled, witnessing an extraordinary 194% surge in validated companies. Notably, by the end of 2022, corporations setting science-based targets accounted for a remarkable 40% of the NIKKEI index, with Japan's robust commitment setting a benchmark.

This surge in corporate environmental responsibility also extended across sectors. The materials industry marked a monumental 160% leap in companies adopting targets, followed by the services, manufacturing, and infrastructure sectors—collectively constituting over 60% of target-setting entities.

Read more: How to stay ahead of the curve on sustainability

While progress is evident, there remain sectors demanding accelerated action, notably power generation, biotech, healthcare & pharma, and hospitality—arenas where improvements are urgently needed.

By firmly establishing a strong governance structure, the SBTi laid the foundation for this surge. The appointment of Luiz Amaral as CEO in 2022 marked a pivotal move. In January and April 2023, the organisation welcomed its inaugural Chief Impact Officer and Compliance Director. The unveiling of the Technical Council in March 2023, responsible for endorsing standards and guidance, has further bolstered the initiative's credibility.

As the SBTi's influence and accountability expand, this report underscores the pressing need for businesses to address the mounting climate challenges. The report’s compelling findings serve as a rallying call for timely and impactful corporate action in the face of our planet's ecological crises.

DGB Group's nature-based solutions are a formidable asset on the journey to achieving net zero. Harnessing the advantages of nature offers a substantial means to reduce your carbon footprint. This strategy seamlessly harmonises with the worldwide drive towards sustainability, demonstrating your enterprise's pivotal role in fostering a more robust planet. Be it the mitigation of emissions or the revival of natural ecosystems, DGB's methodology ensures that your business emerges as a driving force for transformative environmental betterment.

Get started on the sustainability path with DGB

Before you go...

As DGB Group, our sole purpose is to rebuild trust and serve the public by making the right information available to everyone. By subscribing to our mailing newsletter, you can get the latest tips and trends from DGB Group's expert team in your inbox. Sign up now and never miss the insights.

Read other news

In a pivotal move, China's Ministry of Ecology and Environment (MEE) has issued comprehensive guidel..

In a proactive move towards environmental sustainability, Punjab's Caretaker Chief Minister, Syed Mo..

Dubai is set to introduce a groundbreaking carbon credit mechanism at the upcoming UN Climate Change..

In a momentous stride towards ecological revitalisation, $224.5 million has been committed to the Ma..

Let’s get to know you

Let's talk about how we can create value together for your sustainability journey.