The Science Based Targets Initiative (SBTi) launched a public consultation on beyond value chain mitigation (BVCM) which inputs into guidance the SBTi is currently preparing and which will be released in the autumn of 2023. The consultation was divided into nine categories that touched upon BVCM-related definitions, processes, methods, resource deployments and finance, claims, reporting, incentives, terminology and case studies.
First and most importantly, CMW formulated a recommendation with regards to the scoping of BVCM as “activities that have uncertain climate benefits in the short term” in order to spur climate finance to underfinanced fields.
BVCM can consist of activities that can be reasonably expected to lead to significant benefits for the climate – which means that carbon credits are not the only way through which companies can contribute to the goal of reaching societal net zero.
This must go hand in hand with our second most important recommendation: a move away from the tonne-for-tonne approach (which initiates a race to the bottom in the search of cheap mitigation activities/carbon credits) and the adaptation of the money-for-tonne, or money-for-money approach, both approaches which make companies determine a financial commitment before looking into BVCM activities.