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The CDP Science-Based Targets (SBT) Campaign offers CDP Capital Markets signatories and Supply Chain members the opportunity to play a key role in accelerating the adoption of science-based climate targets in the private sector, by collaboratively engaging companies on this matter.
The number of financial institutions supporting the campaign continues to grow – with 220 CDP signatories supporting the campaign in 2021, and 273 supporting the campaign in 2022. This continued growth demonstrates the increased expectations for corporate ambition and the need for meaningful action toward decarbonizing investment and lending portfolios.
The 2023-2024 CDP SBT Campaign is currently in underway. CDP will send a letter on behalf of its Capital Markets signatories and Supply Chain members, to a pre-selected sample of over 2,100 high-impact companies, asking them to commit to and set 1.5°C-aligned Science-Based Targets.
Why now?
The SBTi’s Progress Report 2021 has shown that companies pursuing science-based targets are reducing emissions at a faster and more ambitious pace than the economy as a whole. In driving the adoption of science-based targets, financial institutions and companies can decarbonize their portfolios and supply chains to mitigate their climate-related risks.
The latest science suggests that immediate and urgent action is needed in order to make deep emissions reductions and limit global warming to 1.5°C. Companies from across the globe must urgently set robust, credible targets via the SBTi as a first crucial step to keep warming below 1.5°C and ensure a safe future for people and planet.
Science-based targets provide a roadmap for reducing emissions at the pace and scale that science tells us is necessary to avoid the most catastrophic effects of climate change.
How it works
This unique campaign builds on CDP’s robust collective engagement mechanism – and our experience as one of the founding partners of the Science-Based Targets initiative (SBTi) – to accelerate the adoption of science-based targets.
The campaign is simple.
- Sign-up. Capital Markets Signatories and Supply Chain members may join the campaign if they wish to sign a letter backing the request to the CDP-selected group of companies.
- Company engagement. CDP will contact a carefully selected group of high-impact companies with the letter signed by the CDP Capital Markets and Supply Chain members supporting the campaign. Furthermore, CDP will provide campaign supporters with SBTi resources and guidance to help them directly engage companies during the year.
- Corporate action. Targeted companies respond to the campaign by committing to and setting a science-based emissions reduction target aligned with 1.5°C scenarios through the Science Based Targets initiative (SBTi).
2023-2024 campaign timeline
Introductory webinar
CDP hosted a webinar in June 2023 to kick-off the 2023-2024 CDP Science-Based Targets (SBT) Campaign. The webinar provided an overview of the Science Based Targets initiative (SBTi) and offered insights on the CDP SBT campaign. View the webinar recording below.
Previous Campaigns
The 2022-2023 CDP Science-Based Targets (SBT) Campaign launched in October of 2022. 318 financial institutions and multinational firms with $37 trillion in assets and spending power took part in the 2022-23 SBT Campaign – the campaign called on over 1,060 of the world’s highest-impact businesses to set emissions goals in line with the Paris agreement’s 1.5°C goal. This marked a growth of 30% from the previous campaign, both in terms of the number of supporting organizations and their collective assets and purchasing power. The over 1,060 companies targeted in the campaign are critical for global efforts to limit global warming to 1.5°C. Read more about previous iterations of the SBT Campaign below.
CDP communication of the campaign
Read more about the 2022-2023 CDP Science-Based Targets (SBT) Campaign in the press release. Additional information on previous campaigns can also be found in the Final Progress Report – 2021-2022.
Financial institutions backing the 2022-23 campaign
CDP supply chain members backing the 2022-23 campaign
If you are a Supply Chain member and want to join the campaign, please contact your CDP Account Manager
Frequently asked questions (CDP SBT Campaign)
- Which companies will be contacted?
- Can campaign supporters choose which companies they engage with in this campaign?
- Does the list of companies engaged through the campaign change year-on-year?
- How do campaign supporters take part in this campaign?
- How much work does this entail for campaign supporters?
- Can all CDP Capital Markets signatories take part in this campaign?
- Can all Supply Chain members take part in this campaign?
- How long will the campaign last?
- How is this different from other investor engagement initiatives in the market?
- Can I see the letters sent to companies with my signature?
- How is this different from CDP’s other engagement campaigns like the annual disclosure cycle or the Non-Disclosure Campaign?
- How will the success of the campaign be measured?
- Given the current economic uncertainty, is there any pushback from businesses over the difficulty of setting long-term goals in this environment?
- How do companies benefit from setting science-based targets?
- How will CDP support companies in setting science-based targets?
- Which organizations backed the campaign in 2022?
FAQ 1: Which companies will be contacted?
The campaign will target the most climate-relevant companies within the global investable market. CDP has carefully curated this sample with the MSCI ACWI Index as a starting point, and applied a number of filters to ensure maximum impact and relevance, both from the climate and investment perspectives.
In 2023, CDP has used the most recently available data on emissions and market capitalization, which resulted in an expansion of the universe of companies that will be targeted in this campaign.
The detailed methodology is available to view here.
Back to questions ↑
FAQ 2: Can campaign supporters choose which companies they engage with in this campaign?
No. To harness the power of this collective engagement and make this campaign more accessible to our signatories and supply chain members, CDP and the SBTi have identified the most climate-relevant companies, and will contact these on behalf of campaign supporters.
FAQ 3: Does the list of companies engaged through the campaign change year-on-year?
The list of companies engaged through this campaign is refined each year. Those which have joined the SBTi since the previous edition of the campaign are removed and the list is also updated based on recent mergers and acquisitions. In 2023 and continuing in 2024, companies operating in the fossil fuels industry are not engaged in this campaign due to the SBTi’s updated fossil fuel policy. Companies in Russia and Belarus are also excluded from the campaign as the SBTi is not currently accepting commitments or targets from companies based in these countries.
FAQ 4: How do campaign supporters take part in this campaign?
Capital Markets signatories must simply fill in the sign up form by July 31, 2023.
Supply Chain members need to contact their account manager to discuss eligibility and next steps.
FAQ 5: How much work does this entail for campaign supporters?
We have set this campaign up to be as accessible as possible for our CDP signatories and Supply Chain members. All signatories need to do is sign up to the campaign, and CDP and SBTi will take care of the rest. Of course, it is always helpful to engage directly with companies on this topic as well, but that can be done at the discretion of each participating campaign supporter.
To support direct corporate engagement, multiple resources will be shared with capital markets participants:
- A SBTi conversation guide to help to help answers questions and pushbacks from companies, as well as the step by step guidance to join the SBTi
- An engagement tracker on Excel is available from the CDP Capital Markets Dashboard . The tracker contains SBTi status and is also useful to track the progress of the campaign.
- A recommended message to be sent directly to companies by CDP Signatories who wish to do so.
FAQ 6: Can all Capital Markets participants take part in this campaign?
To support this campaign, you simply need to be a CDP Capital Markets signatory. If you are not yet, find out how to become a signatory,
FAQ 7: Can all Supply Chain Members take part in this campaign?
No. To be a Supply Chain member for the campaign your company must meet certain criteria. Please contact your CDP Account Manager for more information.
FAQ 8: How long will the campaign last?
This is an annual campaign. This iteration of the campaign will be launched with the letters going to the target companies in October 2023. The continuous engagement period will run until September 2024.
FAQ 9: How is this different from other investor engagement initiatives in the market?
This campaign is the only collaborative engagement allowing a global network of financial institutions and corporates with robust climate targets to ask hundreds of high-impact companies to set a science-based target. The 2023 campaign is the fourth year CDP has run this unique campaign.
FAQ 10: Can I see the letters sent to companies with my signature?
Yes – you can view the 2022 letters that were developed for companies tailored to their circumstances.
FAQ 11: How is this different from CDP’s other engagement campaigns like the annual disclosure cycle or the Non-Disclosure Campaign?
CDP’s annual disclosure campaign, supported by all CDP signatories and Supply Chain members, invites companies to disclose their environmental data.
The Non-Disclosure Campaign (optional for signatories) allows CDP Capital Markets signatories to target specific companies that have not responded to CDP’s disclosure request in the previous year.
This SBT Campaign (optional for signatories) allows CDP signatories and Supply Chain members to accelerate more ambitious corporate action by specifically asking companies to set a science-based target (SBT).
FAQ 12: How will the success of the campaign be measured?
The success of this campaign will be assessed by looking at how many of the target companies joined the SBTi during the time of the campaign. We will release the 2022-23 impact report in the coming months.
In 2022, the results of the campaign were analyzed in terms of numbers of companies having joined the SBTi, the Greenhouse Gas emissions represented, and the influence financial institutions – and particularly those supporting the campaign – had on companies’ decision to join the SBTi. Please see the 2021-22 Progress Report.
FAQ 13: Given the ongoing global challenges and economic uncertainty, is there any pushback from businesses over the difficulty of setting long-term goals in this environment?
We understand and fully empathize with the many organizations that continue to face ongoing global challenges. Through our own work, we are seeing positive signs that businesses and capital markets have not lost sight of the importance of mitigating and managing their own impact to avoid the disastrous economic and human losses linked to the climate crisis.
FAQ 14: How do companies benefit from setting science-based targets?
Over 5,000 companies have joined the SBTi and more than 2,600 of these companies already have approved science-based emissions reduction targets in place as of May 2023. SBTs present global best practice in emissions target-setting and it makes business sense – helping to future-proofs growth, identify cost savings, build regulatory resilience against regulation, boosts investor confidence, and spur innovation and competitiveness – all while demonstrating concrete sustainability commitments to stakeholders. To find out more, visit the Science Based Targets initiative website.
FAQ 15: How will CDP support companies in setting science-based targets?
Companies contacted as part of this campaign are provided with useful links to tools and resources, and are invited to contact their local CDP office to receive further support in joining the Science Based Targets initiative.
FAQ 16: Which organizations backed the campaign in 2022?
The full list of financial institutions and Supply Chain members that supported last year's campaign is published here.