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The Science Based Targets initiative is looking for companies in the energy industry to test the practicality and usefulness of the draft framework.
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SBTi’s Power Sector Net-Zero Standard will update and replace a “Quick Start Guide for Electric Utilities,” released in 2020. The updates include “a broader set of activities and emission sources” in the standard’s scope and tailor criteria “to the industry’s unique emissions and operational realities,” according to the release.
SBTi said the sector standards give companies “a practical and credible framework” for setting science-based climate targets and are designed to help companies “manage transition risks, build resilience, and capture growth opportunities.”
“As renewable energy deployment accelerates and decarbonization becomes increasingly urgent, the power sector is central to the global transition to net-zero,” the release said. “Establishing a robust, science-based standard is essential for ensuring this transition is both credible and effective.”
Companies wishing to pilot the sector standards have until Jan. 16 to complete the application.
The draft standards are designed to apply to companies who generate at least 5% of their total annual revenue from electricity generation or whose combined greenhouse gas emissions generated from power sector activities and sources represent at least 5% of a company’s GHG inventory or are above 10,000 tons of carbon dioxide equivalent.
In addition to spending the year updating its Corporate Net-Zero Standard, SBTi has updated a variety of sector-specific net-zero standards this year. Outside the power sector standard, the organization released a final standard for the financial sector, updated its forest, land and agriculture criteria, drafted and piloted standards for the automotive industry and, most recently, published draft standards for the chemicals sector.
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Electricity demand is also going up, with much of it concentrated in Texas due to “data centers and cryptocurrency mining facilities,” said the U.S. Energy Information Administration.
SPP's board of directors approved $8.6 billion in projects, including some of the highest-voltage power lines in the United States. “Simply adding new generation will not resolve the challenges” facing the grid, it said.
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Electricity demand is also going up, with much of it concentrated in Texas due to “data centers and cryptocurrency mining facilities,” said the U.S. Energy Information Administration.
SPP's board of directors approved $8.6 billion in projects, including some of the highest-voltage power lines in the United States. “Simply adding new generation will not resolve the challenges” facing the grid, it said.
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