“Setting science-based targets is a great way for businesses to future-proof growth and boost their competitive advantage in the transition to a low-carbon economy. It also sends a powerful signal to global governments that business is aligning strategy with the Paris Agreement, opening the way for us all to move further, faster on the ambition of the Agreement,” says Paul Simpson, CEO of CDP, one of the partners of the Science Based Targets initiative (SBTi).

Signatories committed to engaging with the SBTi, and to promote the adaptation of this process in their value chain and sector. The Declaration raised awareness of the considerable effort already undertaken by many businesses, while also recruiting new SBTi participants.

The launch of the Declaration was the opening event of 2018’s Business for Peace Summit in Oslo. From 15-16 May, participants examined the theme Building Trust – Accelerating Climate Leadership. Globally recognised thought and business leaders shared their experiences and ideas for advancing climate action.

Christiana Figueres, considered one of the key architects of the Paris Agreement, delivered the Keynote address at the launch. In her role as Convener for Mission 2020, Figueres worked to rally the world to meeting the ‘peak emissions by 2020’ goal. “There is no doubt that the private sector is going to play a huge role … It is the private sector that has the technology, the capital, the know-how, the ingenuity to actually get us there,” Figueres says.

The Foundation partnered with We Mean Business in developing the Declaration. The text is the result of consultations with stakeholders, including the foundation’s nominating partners.