What is a carbon target and why should you set one?
A climate target is an emissions reduction goal which can help your company to define a clear pathway to decarbonize over a given period of time. Targets are typically developed with consideration of a carbon budget, or desired temperature limit in order to prevent the dangerous impacts of global warming. Setting target(s) in line with the most recent climate science will help your company to understand and define the business transformation required to limit global warming, and in turn safeguard the future of your business and customers.
The following section outlines how to define and set a target using the Cozero Forecast & Targets module.
How to set a target in Cozero
Configure a forecast
Prior to defining a target, we recommend that you configure a forecast to get a better picture of how your emissions might develop according to defined future scenarios and your company’s growth forecast. This will help you set targets that are compatible with your business activities and level of ambition, as well as to assess the gap between your potential future emissions and your targets. For more information on configuring a forecast.
Set a target
Cozero offers the option to choose from a list of suggested targets or to create a custom target in line with your company’s unique ambition level and preferred time frame. It is possible to set multiple targets, both suggested and custom, and to compare different target trajectories against your emissions forecast.
Suggested targets
Cozero’s Suggested Targets provide guidance and illustrate the different types of emissions reduction targets a company might set. The Science-aligned target and Emissions to zero target demonstrate the most ambitious form of target setting, aligned with the latest climate science and limiting global warming to 1.5°C. The Business activity targets: Sustainable sourcing and Business travel demonstrate a first step towards emissions reduction in a targeted area of your value chain.
How to set a suggested target:
Step 1: Navigate to the “Act” module on the left hand bar and click on “Forecast & Targets”.
Step 2: Click “Create Climate Targets”.
Step 3: Choose a target from the listed options.
Step 4: Optional: You may customize any element of the suggested target, such as the base year and target year.
Step 5: Review target details and click save.
Step 6: Saving your target will send you back to the overview graph. In order to visualize your target reduction pathway, scroll down to your targets list and click on the circle to the left of the target you want to display.
Step 7: To edit a target, click on the three dots on the right hand side of the target.
Custom targets
Cozero’s Custom Target option allows you to customize your target setting approach to match your company's ambition and strategy. This can be defined at various levels of granularity - for the entire organization, for a specific location and for specific emission scopes.
How to set a custom target:
Step 1: Navigate to the “Act” module on the left hand bar and click on “Forecast & Targets”.
Step 2: Click “Create Climate Targets”.
Step 3: Click on the “Custom Target” tab.
Step 4: Define all elements of your target: target name, targeted reduction (%), base year, business level, scope(s), and target year.
Step 5: Review your target details and click save.
Step 6: Saving your target will send you back to the overview graph. In order to visualize your target reduction pathway, scroll down to your targets list and click on the circle to the left of the target you want to display.
Step 7: To edit a target, click on the three dots on the right hand side of the target.
Further guidance on target setting
For further guidance on setting and implementing emissions reduction targets, please refer to the GHG Protocol Corporate Standard and The Science-Based Targets initiative (SBTi).