The Science Based Targets initiative (SBTi) provides a rigorous framework for WAICA Re to set greenhouse gas (GHG) emission reduction targets in line with climate science. We have undertaken the following key steps to generate a baseline SBTi assessment and are in the process of generating targets:
Commitment: WAICA Re has publicly committed to setting science-based targets by submitting a letter of commitment to the SBTi.
Data Collection and Baseline Establishment:
- Scope 1 and 2 Emissions: WAICA Re has measured direct emissions from owned or controlled sources (Scope 1) and indirect emissions from the generation of purchased energy (Scope 2) during the 2023 financial year. FY 2023 has been chosen as WAICA Re’s bassline year.
- Scope 3 Emissions: WAICA Re is designing a process to assess the indirect emissions that occur in our value chain.
As WAICA Re prepares to determine our future targets that aligns with the latest climate science, such as a well-below 2°C or 1.5°C pathway, the company is required to define the organisational and operational boundaries for the GHG inventory, determining which emissions are included in the target-setting process.
Target Setting: Using SBTi tools and methodologies, WAICA Re is developing specific targets for Scope 1 and Scope 2 emissions. The targets have been tested for feasibility and alignment with the broader business strategy. These targets will be submitted to the SBTi for official validation and expert assessment. Once validated by SBTi, they will be published on this website.
WAICA Re commits to regular and transparent reporting and stakeholder engagement with respect to the achievement of the set targets.
By following this structured process, WAICA Re is ensuring that the company’s GHG emission reduction targets are robust, ambitious, and scientifically grounded, contributing to the global effort to limit warming to well-below 2°C or 1.5°C above pre-industrial levels.