Brunvoll takes the next step in climate commitment

Brunvoll has decided to apply for the Science-Based Targets initiative, as it is a natural next step in our sustainability work. The Science Based Targets initiative (SBTi) is a collaboration between its founding partners: CDP, the United Nations Global Compact, the World Resources Institute, the World Wide Fund for Nature, and the We Mean Business Coalition. They define how much and how quickly a business must reduce its emissions to meet the Paris Agreement goals.

SBTi defines and promotes best practices in emissions reductions and net-zero targets. Its standards, tools, and guidance enable companies and financial institutions to set science-based targets that align with the latest climate science. In 2024, Brunvoll decided to start the process of becoming compliant with the Corporate Net-Zero Standard to ensure that their net-zero targets are consistent with what is required to achieve net zero no later than 2050.

Science-Based Targets are now widely recognised as a key standard for companies committed to reducing emissions. The SBTi offers strategies for reducing emissions, methodologies, and insights for businesses to establish reduction emissions targets. The initiative also features a group of specialists and scientists who offer unbiased evaluations and verification of science-based targets.

The process of setting science-based targets in accordance with the SBTi contains five steps.

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1. Commit to setting a science-based target. This means submitting a commitment letter to the SBTi platform.

2. Develop your target(s) in line with science-based criteria. SBTi provides tools for this work.

3. Submit your target(s) to SBTi for validation. SBTi’s expert panel will then review your submission, validate it, and provide detailed feedback if necessary.

4. Communicate your target(s). This means announcing your target to stakeholders.

5. Disclose your process. Post-approval, disclose your emissions yearly and monitor target progression in public outlets like the annual sustainability report.

Brunvoll is at the very start of this process. In cooperation with NCE iKuben in Molde, we are working on our commitment letter to the SBTi platform. We will also conduct a double materiality analysis, which we will publish in 2026.

A double materiality analysis is a framework used in sustainability reporting to assess how a company both impacts the environment and society (inside-out perspective) and how environmental and social factors affect the company’s financial performance (outside-in perspective). It ensures businesses consider both financial risks and opportunities (financial materiality) and their broader societal and environmental responsibilities (impact materiality).

Once our SBTi commitment letter has been approved, we will have 24 months to submit our target or targets for official validation. We will then be on our way to commit to targets that will push us towards net zero no later than 2050.