The CDP Science-Based Targets (SBTs) Campaign offers CDP investor signatories the opportunity to play a key role in accelerating the adoption of science-based climate targets in the corporate sector, by collaboratively engaging companies on this matter.

This unique campaign builds on CDP’s tried and tested 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 in the corporate sector.

In driving the adoption of science-based emission reduction targets, investors can decarbonize their portfolios and mitigate climate-related risks to which they may be exposed.

Why now?

Global carbon emissions need to reach net-zero by 2050 at the latest to limit warming to 1.5°C, as stipulated in the Paris Agreement. Science-based targets provide companies with a roadmap for reducing their emissions at the pace and scale that the science tells us is necessary for a 1.5°C world.

How it works

The model of the campaign is simple.

1. Investor sign-up. All CDP investor signatories are asked to sign up if they wish to sign a letter backing the request to the selected group of companies.
2. Company outreach. CDP will contact the selected group of companies through the letters signed by the coalition of investors joining this campaign.
3. Company commitment. Companies that positively respond to the campaign must sign the SBTi Business Ambition for 1.5°C Commitment letter, which is the mechanism for formalizing the commitment to reach net-zero emissions by no later than 2050.

2021 campaign timeline

Introductory webinar

We launched this campaign with a webinar on Tuesday May 18, where we introduced stakeholders to the Science Based Targets initiative’s Business Ambition for 1.5°C, presented the CDP SBT campaign, and held a Q&A session.

CDP communication of the campaign

To support the engagement efforts of the campaign and amplify its impact, CDP will announce details to press later in 2021. The materials from our previous 2020 campaign are available here.

Financial institutions backing the 2021 campaign (sign up period open and in progress)

List of participating financial institutions as of 18 June 2021

For more information or to get involved, please email: [email protected]

Frequently asked questions (CDP SBT Campaign)

1. Which companies will be contacted?
2. Can investors choose which companies they engage with in this campaign?
3. How do investors take part in this campaign?
4. How much work does this entail for investors?
5. Can all investors take part in this campaign?
6. How long will the campaign last?
7. How is this different from other investor engagement initiatives in the market?
8. Can I see the letters sent to companies with my signature?
9. How is this different from CDP’s other investor engagement like the annual disclosure cycle or the Non-Disclosure Campaign?
10. How will the success of the campaign be measured?
11. Given the current economic uncertainty, is there any pushback from businesses over the difficulty of setting long-term goals in this environment?
12. How do companies benefit from setting science-based targets?
13. How will CDP support companies in setting science-based targets?
14. Which financial institutions backed the campaign in 2020?

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. See our methodology for more detail.

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Can investors 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, CDP and the SBTi have identified the most climate-relevant companies, and will contact these on behalf of investors. Feel free to provide us feedback here.

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How do investors take part in this campaign?

Simply fill in this sign up form by June 30, 2021.

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How much work does this entail for investors?

We have set this campaign up to be as accessible as possible for our investor signatories. 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 investor.

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Can all investors take part in this campaign?

To support this campaign, you simply need to be a CDP investor signatory. If you are not yet, find out how to become a signatory.

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How long will the campaign last?

This campaign will run from September 2021 until September 2022 and is then expected to run annually.

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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 to ask hundreds of high-impact companies to set a science-based target. The 2021 campaign is the second year CDP has run this first-of-its-kind campaign.

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Can I see the letters sent to companies with my signature?

Yes – you can view the three different letters that have been developed for companies tailored to their circumstances:

• Companies that do not respond to CDP’s disclosure request
• Companies that respond to CDP’s disclosure request but have not indicated they anticipate setting SBTs in the next 2 years
• Companies that respond to CDP’s disclosure request and have indicated that they anticipate setting SBTs in the next 2 years

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How is this different from CDP’s other investor engagement like the annual disclosure cycle or the Non-Disclosure Campaign?

CDP’s annual disclosure campaign, supported by all CDP signatories, invites companies to disclose their environmental data.
The Non-Disclosure Campaign (optional for signatories) allows investors to target specific companies that have not responded to CDP’s disclosure request in the previous year.

This SBTs Engagement Campaign (optional for signatories) allows investors to accelerate more ambitious corporate action by specifically asking companies to set a science-based target (SBT).

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How will the success of the campaign be measured?

Although it is difficult to attribute the setting of an SBT by companies to one factor only, the success of this campaign will be assessed by looking at how many new companies signed the SBTi commitment letter, during the time of the campaign. The mid-term report showing the impact of the 2020 campaign is published here, and we will release a full one-year impact campaign in September.

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Given the current 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 that will be finding these extraordinary times difficult. Through our own work, we are seeing positive signs that businesses and investors have not lost sight of the importance of mitigating and managing their own impact to avoid the potentially disastrous economic and human losses linked to the climate crisis.

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How do companies benefit from setting science-based targets?

Already adopted by nearly a thousand companies across the globe, science-based targets are a tried and tested method for businesses to prepare for the transition to a zero-carbon economy.

Adapting early is likely to lead to reduced regulatory uncertainty, improved profitability and competitiveness, thereby boosting investor confidence.

To find out more, visit the Science Based Targets initiative website.

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How will CDP support companies in setting science-based targets?

Companies contacted as part of this campaign will be provided with useful links to resources, and directed to contact their local CDP office to receive further support in getting started or in taking the final steps to set their SBTs.

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Which financial institutions backed the campaign last year?

The full list of financial institutions which supported last year's campaign is published here.

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