We know that urgent action is required to prevent further catastrophic climate change, and we are collectively encroaching a point of no return. The climate crisis and loss of natural biodiversity are deeply interrelated and present enormous risks to humanity. Reducing GHG emissions in line with climate science is not only good for the planet and people, but good for business as well.
We must transform the way we live and do business in a way that protects the global commons - our shared natural resources. A zero-carbon, nature-positive future is the only one in which people and planet can thrive in harmony, and business leaders have a critical role to play in steering their organizations towards this future. The current situation presents a major opportunity for businesses to increase their competitiveness and drive innovation while at the same time helping restore balance to our natural world.
We need to stabilize the climate, preserve freshwater resources, regenerate the land, secure healthy oceans, and support increased biodiversity. We need to do this in line with what science defines as Earth’s limits and we must do it on a socially equitable basis.
The Science Based Targets Network (SBTN) is a collaboration of leading global non-profits and mission-driven organizations working together to equip companies, as well as cities, with the guidance to set science-based targets for all of Earth’s systems. The SBTN builds on the momentum of the Science Based Targets initiative (SBTi) to develop methods and resources to support these challenging endeavours. The adoption of these targets and methodologies together helps define a pathway, challenging all actors involved to take decisive action across their respective value chains and mitigate the many negative environmental impacts that result from unsustainable dependencies on nature.
Science-based target setting makes good business sense as it future-proofs growth, saves money, provides resilience against both unforeseen disruption and future increased regulations, boosts investor confidence, spurs innovation and competitiveness while also demonstrating concrete sustainability commitments to increasingly conscious stakeholders.
Targets are considered ‘science-based’ if they are in line with what the latest climate science deems necessary to meet the goals of the Paris Agreement. These greenhouse gas emissions reduction targets are in line with the level of decarbonization required to limit global warming to either well-below 2°C above pre-industrial levels or pursuing efforts to limit warming to 1.5°C.
Riverside has joined the growing group of leading companies that are setting emissions reduction targets in line with what climate science says is necessary. By doing so, we recognize the crucial part the business community can play in minimizing the risk climate change poses to the future of our planet.
We have committed to reducing our scope 1 and 2 emissions 42% by 2030, against our 2020 baseline year, a target in line with the ambitious 1.5°C scenario set forth by SBTi.We are also committed to measuring our Scope 3 emissions footprint by 2022 and setting subsequent reduction targets thereafter. As stated in the SBTi methodology, Riverside will not use offsets or avoided emissions as progress toward achieving our target.
Since deciding on our commitment, we have worked diligently to embed sustainability throughout our organizational processes as well as in the minds of the individuals who call Riverside home. We will continue to creatively seek solutions to the challenges that lay ahead and hold this commitment in high esteem as a guiding principle for our actions. The world as we know it depends on our collective decisive action and we here at Riverside are committed to doing our part!