Global Climate Target Efforts in Industry

Demands for the industry’s climate efforts are increasing, and more and more companies are setting their own science-based climate targets. Is it possible to leverage the industry’s work on climate targets in public procurement? Here, we take a closer look at how climate targets are defined and monitored within the industry, as well as how these targets can be linked to public procurement.

Corporate climate targets can vary in their definition, making it essential to clearly specify the levels of greenhouse gas reductions that are targeted both in the short and long term, and to establish the ambition level for this work early on.

It is crucial to specify how much of the company and its value chain is covered by the climate target to clarify the possibility of achieving the set goals or targets. A company’s targets might, for example, encompass only its own production facility or the entire value chain. The larger the scope, the greater the impact the climate target will have on reducing greenhouse gas emissions.

There are various global methods and tools available for companies in their climate target efforts. It may be wise to follow established methods as there will be increasing needs for different forms of climate reporting in upcoming legal requirements, including demands for independent audits. By considering information from suppliers’ global climate target efforts more comprehensively, there is an opportunity to capture a forward-looking and ambition-raising perspective in public procurement.