The Bezos Earth Fund has ended its financial support for the Science Based Targets initiative (SBTi), which verifies corporate emissions reduction targets in line with the Paris Agreement.
Amazon founder Jeff Bezos launched the Earth Fund in 2020 with a $10 billion commitment to tackle climate and environmental issues. In 2021, it pledged $18 million in grants to the SBTi to accelerate the adoption of science-based targets across industries.
The funding agreement, structured as a three-year commitment, concluded in 2024, with the final payment made in November 2023. The SBTi, having had time to diversify its funding sources, did not seek continued support.
An SBTi spokesperson acknowledged the Earth Fund’s role in scaling the initiative and supporting its transition into an independent climate organisation.
“The Bezos Earth Fund’s backing has been key in helping us grow, professionalise, and become an independent climate change organisation,” the spokesperson said.
The SBTi now relies on a mix of donor contributions and income from validation services. Its largest current backer is the IKEA Foundation, which has committed $18 million in funding until 2026. The organisation is working to expand its funding base to meet rising demand for its services.
The SBTi is undergoing leadership changes, with David Kennedy set to take over as chief executive this quarter. His priorities include shaping a long-term strategy for funding and operations.
The organisation is also revising its corporate Net-Zero Standard, set to take effect in 2026. A key issue is its proposed update on the use of environmental attribute certificates, including carbon credits, for offsetting Scope 3 (indirect) emissions.
The revision has sparked criticism, with opponents warning that allowing companies to rely on carbon credits could dilute real emissions reductions and lead to greenwashing concerns.
