The Science Based Targets initiative (SBTi) has launched the Buildings Sector Science-Based Target-Setting Criteria – a decarbonisation framework for companies and financial institutions in the buildings value chain to set 1.5°C-aligned emissions reduction targets. The criteria focuses on four key actions: stopping fossil fuel installations, with a public commitment to halt the installation of fossil fuel-based heating, cooking, power generation and hot water equipment by 2030; reducing in-use operational emissions – which are associated with a building’s energy use; cutting upfront embodied emissions – which emanate from raw materials, manufacturing, transportation and construction; and retrofitting inefficient buildings. According to SBTi, retrofitting needs to more than double by 2030 to align with the International Energy Agency’s Net Zero by 2050 Scenario. “The [building] sector now has the tools to build towards net zero – companies and financial institutions must take immediate action,” said Alberto Carrillo Pineda, Chief Technical Officer of the SBTi. “Decarbonising both old and new buildings is paramount to tackling climate change. We call on these businesses to lead the net-zero transformation.” The framework was developed in consultation with an independent expert advisory group made up of companies, financial institutions, non-profit and multilateral organisations. The process included a two-month public consultation and a four-month pilot test.
