The initiative is a global body that helps businesses to set out emissions reduction targets in line with the latest climate science and is considered the gold standard for net-zero.
Net zero is the balanced between the amount of greenhouse gas (GHG) that us produced and the amount removed from the atmosphere. It can be achieved through a combination of emission reduction and removal.
Phastar says a core component of its net zero commitment to SBTi is the ambitious pledge to achieve the SBTi Net-Zero Standard by 2035. It hope to achieve this by adopting stringent standards to reduce its carbon footprint, engage with stakeholders, and promote responsible business practices.
Phastar chief executive officer Graham Clark said: “Having our net-zero target approved by the SBTi underscores our commitment to corporate responsibility and sustainable business practices. As a company, we pride ourselves on our mission to make a meaningful difference in the world, and on being a great company to work with and work for.
“Reducing our carbon emission is part of our comprehensive environmental, social, and governance strategy, which includes tree planting initiatives in Kenya and Scotland, a carbon offset program, and a move to using only green energy suppliers. We want to lead the CRO industry in its efforts to combat climate change and pursue a net-zero future – and SBTi approval shows we are on track to achieving that goal.”
Having already begun its net-zero journey, Phastar has begun measures that include strengthening the company’s emissions-measurement processes to enable more easy tracking.
'Force for good' organization
The organization has also developed and launched a sustainability strategy to outline exactly how it will reduce its emissions, as well as help its suppliers to do the same. It says it also plans to roll out policies, initiatives, and incentives throughout its global team to help it become a more environmentally friendly business.
These commitments, the organization says, further strengthen its position as a ‘force for good’ organization, following its B Corporation certification in July 2023.
Clark added: “Our net-zero by 2035 target is well ahead of industry norms and demonstrates Phastar’s dedication to reducing our carbon emissions. No one organization can tackle climate change alone, meaning we all must work together if we are to succeed.
“During our work so far, we have been extremely encouraged to find that many of our partners and clients already share our business values in this regard. We believe this will, ultimately, drive faster change.
“By setting this target, we are not only contributing to global efforts to limit global warming, but, we hope, also inspiring others in the industry to follow suit.”