Framework Proposal for Science-Aligned Corporate Climate Action

The scientific community agrees that to limit global warming to 1.5° C above pre-industrial levels with no or limited overshoot, the planet must reach a state of carbon neutrality by the middle of the century. Global carbon neutrality, as described by the IPCC, requires three complementary strategies: a deep and rapid reduction of greenhouse gas (GHG) emissions; a halt to deforestation and other ecosystem loss; and a rapid scale up of carbon dioxide removal to counterbalance residual GHG emissions. All three actions are necessary for a 1.5° C pathway. Achieving this transition will require strong and comprehensive incentives from policy makers as well as a significant scale up of corporate action. Today, corporates face considerable challenges when identifying the most effective actions to first reducing their emissions, and second to scaling up carbon removal and third to communicating their progress. A lack of clarity in policies, standards and verification schemes has made it increasingly difficult for consumers and other stakeholders to differentiate companies that have applied high-integrity approaches from those that are greenwashing. This runs the risk of slowing corporate action and eroding consumer trust. This paper provides a framework for science-aligned corporate climate action. The first priority is to reduce emissions in alignment with 1.5° C consistent scenarios across the entire value chain. As a secondary measure, we argue that high quality carbon removal credits are needed to balance residual emissions. The paper also discusses and analyzes the importance of frameworks and standards such as IC-VCM, VCMI, and ISO 14068–1, strategies to augment quality assurance for reductions and carbon removal, and the use of third-party validation in assuring high integrity. The paper concludes that the best way to achieve high integrity, science-based credibility in climate claims on a product level includes deep product decarbonization, high quality carbon credits, and a corporate climate strategy, as well as transparent, detailed communication.