Accelerate Business Pact FAQ
Whether you’re an existing BITCI member or new to this initiative, this page outlines everything you need to know—from signing the Accelerate, Business Pact for Climate and Nature and developing a Climate Transition Plan, to setting science-based targets and engaging with our Community of Practice.
Explore the sections below for detailed guidance on how your company can join the movement and make an impact!
Signatory criteria and instructions
Can any business in Ireland join?
Any existing member of BITCI can join.
How can we sign?
The Pact which must be signed by the company CEO can be downloaded here. Once signed it should be returned to environment@bitc.ie
Can we sign as [company country] or must [company global] sign?
Either will be accepted. However please note that Science Based Target Initiative (SBTi) generally requires that the global entity make commitments via the SBTi platform.
Climate Transition Plan
Will there be a prescribed template for the Climate Transition Plan?
There will not be a prescribed template for a Climate Transition Plan as there is no universal template.
As a member of the International Transition Plan Network (ITPN) Community of Practice, BITCI has privileged access to the most up-to-date guidance on developing a robust and credible Climate Transition Plan. We have also – with our partners in DCU Institute for Climate and Society – developed a sector-agnostic checklist of inclusions and red flags in nine areas that are critical to include in any company’s CTP: Climate Targets, Decarbonisation Levers, Governance, Risk, Finance, Nature, Scope 3, Just Transition and Advocacy. Where possible, sector-specific guidance will be provided.
Resources including sample templates from the We Mean Business Coalition are available online
What does a high-quality climate transition plan look like?
As a member of the International Transition Plan Network (ITPN) Community of Practice, BITCI has privileged access to the most up-to-date guidance on developing a robust and credible Climate Transition Plan. We have also – with our partners in DCU Institute for Climate and Society – developed a sector-agnostic checklist of inclusions and red flags in nine areas that are critical to include in any company’s CTP: Climate Targets, Decarbonisation Levers, Governance, Risk, Finance, Nature, Scope 3, Just Transition and Advocacy. Where possible, sector-specific guidance will be provided.
What are the anticipated resources needed to develop a Climate Transition Plan?
We advise that signatories have board level oversight of its Climate Transition Plan with defined governance mechanisms in place to ensure delivery of the plan.
We also advise that signatories have structures in place that bring together and incentivise units – the financial team, government and investor relations, research & development, and procurement & supply chain relations, facilities etc. to address and act on your company’s climate goals and plan.
Please refer to: We Mean Business Coalition Climate Transition Plan Guidance
Should we have a separate Nature plan to our Climate Transition Plan?
We advise that nature is integrated into your Climate Transition Plan given the capacity of nature-based solutions to act as a sink for greenhouse gas emissions. The scope of Nature within a signatory’s Climate Transition Plan will depend on the materiality of the topic to the business.
What happens if we don’t develop a Climate Transition Plan by the year we choose in our self-assessment?
We will work with all signatories to assist them in reaching their goals, and extensions will be provided on a discretionary basis. Should an extension request be rejected, your business will be required to exit the Pact.
How will our Climate Transition Plan be scored so that we can be benchmarked against our peers?
As a member of the International Transition Plan Network (ITPN) Community of Practice, BITCI has privileged access to the most up-to-date guidance on developing a robust and credible Climate Transition Plan. We have also – with our partners in DCU Institute for Climate and Society – developed a sector-agnostic checklist of inclusions and red flags in nine areas that are critical to include in any company’s CTP: Climate Targets, Decarbonisation Levers, Governance, Risk, Finance, Nature, Scope 3, Just Transition and Advocacy. Where possible, sector-specific guidance will be provided.
For the partner to be able to gather data on your Climate Transition Plan, your Plan must be publicly disclosed on your company website, relevant report or available through a yearly Carbon Disclosure Project submission. If not available, the data will not be captured in the Scorecard, and this will be reflected in your company’s score.
Net Zero by 2050
We have not set science-based targets yet. Can we still sign?
Yes, you can still sign the Pact. However, your company must embark on a trajectory towards committing to Net Zero by 2050, if currently possible to do so under SBTI guidelines. Please see decision tree.
We already have near-term targets – how do we set a Net Zero by 2050 target?
Please see the SBTi website and resources for all up to date SBTi related information.
Do we need to set a net-zero target?
Yes, your company will be required to set a net-zero by 2050 target if there is current guidance for your sector from the SBTi.
We want to set a Net Zero target but haven’t yet set near-term targets.
Near-term targets must be validated before a Net Zero target can be validated by the SBTi.
We have triggered a requirement to recalculate and submit our near-term science based target. Will we need to pay to submit these and our Net Zero target?
SBTi notes that companies are eligible to resubmit near-term targets as part of a net-zero package submission. Navigate to page 7 of SBTi’s Getting Started Guide.
What happens if we don’t set a Net Zero by 2050 target by the year we choose in our self-assessment?
We will work with all signatories to assist them in reaching their goals, and extensions will be provided on a discretionary basis. Should an extension request be rejected, your business will be required to exit the Pact until it sets its Net Zero target.
BITCI Membership Implications
Does Accelerate support Business Working Responsibly Mark certification/recertification?
The Business Working Responsibly Mark (‘the Mark’) is fully aligned to Accelerate, and signatories of Accelerate that self-assess at a Level 2: Explorer and higher have the benefit of bridging certain aspects of the Mark’s Environmental Pillar when certifying or recertifying. For higher levels of categorisation, more of the Mark Standard can be bridged. As the Mark is a guided audit process, additional supports will be available during certification/recertification for companies in creating or improving their Climate Transition Plan. Additionally, the Mark certification/recertification process will ensure that evaluation and improvement mechanisms are in place to assess the effectiveness of the Climate Transition Plan and progress towards science based targets.
For more Information on the Mark, see our website here.
Resourcing and support
What resources will be available?
Signatories will receive regular ‘Insights’ emails that break down one long form article into its key points.
Knowledge Exchanges will be recorded where appropriate and circulated to Pact signatories.
What does “engage with the Community of Practice” entail?
We expect signatories to attend quarterly discussion groups on topics relevant to climate transition planning, and to engage in the discussion. These will mostly be online.
Do we have to do a survey/report?
There is no survey required except a short survey upon joining to capture key details on the company.
Other
When will the Scorecard be published?
We aim to publish the Scorecard in November annually. Individual benchmarks are sent in November/December.