Commitment
WAICA Re has publicly committed to setting science-based targets by submitting a letter of commitment to the SBTi.
SBTi Baseline Assessment
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.
Data Collection & Baseline
Scope 1 and Scope 2 emissions were measured for the 2023 financial year, which has been selected as WAICA Re’s baseline year. WAICA Re is also designing a process to assess Scope 3 emissions across its value chain.
Boundary Setting
As WAICA Re prepares its future targets, the company is defining the organisational and operational boundaries for its GHG inventory and determining which emissions are included in the target-setting process.
Target Setting
Using SBTi tools and methodologies, WAICA Re is developing specific Scope 1 and Scope 2 targets. These targets are being tested for feasibility and alignment with the broader business strategy before submission for SBTi validation and expert assessment.
BASELINE YEAR
2023 GHG Baseline
The 2023 baseline provides the reference point against which WAICA Re will track progress toward its science-aligned emissions reduction targets.
CLIMATE ALIGNMENT
Building a Science-Based Pathway
1.5°CClimate pathway
2033Near-term target horizon
2050Net-zero ambition
WAICA Re is preparing targets aligned with the latest climate science, including a well-below 2°C or 1.5°C pathway. The target-setting process is intended to ensure that the company’s emissions reduction ambitions are robust, measurable and consistent with global efforts to limit warming.
TRANSPARENCY
Validation & Reporting
Expert Validation
Once developed, the targets will be submitted to the SBTi for official validation and expert assessment. Following validation, the approved targets will be published on this website.
Ongoing Disclosure
WAICA Re commits to regular and transparent reporting and stakeholder engagement with respect to progress against its science-based targets.
Value-Chain Expansion
Scope 3 assessment is being developed to strengthen understanding of indirect emissions and extend the company’s climate strategy across relevant value-chain activities.
By following this structured process, WAICA Re is working to ensure that its 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.