Enel’s former chief to chair Science Based Targets Initiative
Image: SBTi
Francesco Starace, former chief executive of global energy giant Enel, has been appointed chair of the Science Based Targets Initiative’s (SBTi) first Board of Trustees.
Starace, who since leaving Enel in May has subsequently become a partner with the private equity group EQT, is likely to build on the Enel experience very much at the forefront of the renewable energy transformation to similarly elevate the SBTi to play a key role in emissions reductions to potentially curb the worst impacts of a changing climate.
“I am very impressed by the momentum the SBTi has built since its inception,” said Starace on his appointment.
“The SBTi plays an important role in encouraging ambitious corporate climate action, which relies on credible target validation and robust standard-setting. I feel honoured to join as chair during this phase of rapid growth.”
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The SBTi was formed as a partnership between the carbon disclosure charity CDP, the United Nations Global Compact, World Resources Institute (WRI) and World Wide Fund for Nature (WWF) to drive climate action in the private sector by enabling organisations to set science-based emissions reduction targets in line with limiting warming to 1.5oC.
The organisation has now both separated out its validation services division and incorporated as a company in the UK with the legal board of trustees chaired by Starace and where an application to become a registered charity is pending.
These developments are aimed to adopt recognised best practice to safeguard impartiality, SBTi said in a statement.
SBTi has reported a rapid increase in demand for science-based targets, amounting to 87% year on year last year, and forecasts that by 2025, more than 10,000 companies will have set such targets.
Power sector guidance
The SBTi reports that over 50 power companies from 20 countries have set science based emissions targets so far.
The recommended approach is to start by calculating an emissions inventory and then determining a target scope and approach. The SBTi tool can then be used to construct the targets, which can then be submitted to the organisation.
Among current activities the SBTi is investigating the effectiveness of the use of environmental attribute certificates in driving impact when incorporated into corporate climate targets.
