Cement Manufacturers Association (CMA)

Subsequently a well below 2°C pathway was developed. In response to the IPCC’s Special Report on sciencebasedtargets.org/blog/ our-ambitious-new-strategy in 2019 to increase minimum ambition in corporate target setting to 1.5°C above pre industrial levels. Acknowledging the latest climate science, sciencebasedtargets.org/net-zero of companies’ net-zero targets in line with the Paris Agreement goals. What are science-based targets? The Paris Agreement in 2015, the Glasgow Pact in 2021 and the IPCC 6th Assessment Report, all highlighted the need to keep global warming to 1.5°C. To meet this goal, cumulative greenhouse gas emissions over the next few decades must remain below budget. heavy emitting sectors to set meaningful targets by providing tailored resources that explain what emissions reductions are needed to contribute to the goal of restricting warming to 1.5°C. To do this, the Energy Agency (IEA) emissions scenarios for each sector to reduce emissions and stay within the overall carbon budget. Page 7 because they facilitate science-based target setting by companies in sectors where emission reductions are considered particularly challenging, such as cement. This allows companies to set targets that align with science-based decarbonization pathways within the unique context of the sector, while taking into account its particular barriers and opportunities. Net-zero targets near-term targets, with a time horizon of 10-15 years. However, its recently-published for companies that also want to set long-term science-based targets. This standard aims to help stakeholders understand the amount of emissions reductions needed for a company to reach net-zero emissions by 2050 at the latest, and ensure their actions are in line with the latest climate science. To set a science-based net-zero target, companies must set a near-term 5-10-year target that has an ambition level of 1.5°C and set a long-term target to cut emissions by 90-100% by 2050 at the latest. To achieve net-zero, companies must neutralize any residual emissions - up to 10% of emissions - that remain and cannot be cut. During the transformation period to net-zero, companies are also encouraged to mitigate emissions beyond their value chain through high-quality carbon credits, although this does not count towards the company’s own emissions reductions needed to reach net-zero. Rapid, deep cuts to value-chain emissions is the central focus of the Net-Zero Standard and must be the overarching priority for companies. Why science-based targets? wanting to set science-based targets - the main being investor demand that their portfolio companies have a sustainable and long-term future. Many companies set targets as part of a strategy to build business resilience and increase competitiveness, as well as to drive innovation and transform business practices.