The number of companies with science-based targets increased by 102% in 2023, compared to the end of 2022. This was revealed in the ‘SBTi Monitoring Report 2023’ released by the corporate climate action organisation Science Based Targets initiative (SBTi).
The report showed that 4,205 companies with science-based targets were validated by the SBTi by the end of 2023. Also, 2,125 companies set science-based targets for the first time in 2023.
For the second year running Japan had the highest number of companies setting targets in 2023 (453), followed by the United Kingdom (385) and the United States (214). By the end of 2023, Japan had the highest number of validated companies of any nation (768), overtaking the previous leader the UK (693), and the US (465), which was previously the country with the second-highest number of companies with targets.
Geographically, despite the number of companies being low, the Middle East and North Africa (MENA) region saw the highest, 450% increase in companies setting science-based targets, as companies setting targets increased from 2 in 2022 to 11 in 2023.
Asia saw the second-largest proportional growth in the number of organisations setting science-based targets. 741 companies headquartered in Asia set a science-based target in 2023, bringing the total to 1,228 for the region. This represented a 140% increase in the number of Asian companies setting a science-based target compared with 2022. In total 27% of all companies with targets and commitments are headquartered in Asia (2015-2023).
Japan had the highest number of companies setting targets worldwide (453), representing a 124% growth in companies with targets validated. India’s growth curve was the steepest with a 520% increase in the number of companies setting targets in 2023 compared to the previous year.
Additionally, the report showed a 222% growth in biotech, health and pharma companies with science-based targets, and an 83% increase in the number of financial institutions with science-based targets.
The report also showed a 245% increase in companies with net-zero targets with 449 organisations set net-zero targets, compared to 130 in 2022. Of the 449, 51%, were corporations and the remaining 49% were SMEs.
