The Bezos Earth Fund, IKEA Foundation, and Laudes Foundation have collectively pledged $37 million to the Science Based Targets initiative, the global body enabling businesses to set emissions reductions targets in line with science.

The funding will enable the SBTi to accelerate its work with the more than 2,000 companies already committed to its targets, and help them focus on immediate action to halve global emissions before 2030 and achieve net zero by 2050.

The Bezos Earth Fund and IKEA Foundation each awarded $18 million over three years, with the money from Bezos being committed back in September. The Laudes Foundation will provide $1 million to support the SBTi to develop science-based target setting methodologies, tools, and guidance.

‘The SBTi will ensure that decarbonisation targets, including net-zero targets, are consistent with what the science requires and are implemented in a transparent manner,’ said Andrew Steer, President and CEO of the Bezos Earth Fund.

Per Heggenes, CEO of the IKEA Foundation, said: ‘Our support will take SBTi to the next level, expanding the reach of a consistent and harmonised methodology to set targets for emissions reductions – not only for large corporations but also over time for smaller companies and the financial sector.’

SBTi launched a net-zero standard for corporations last week.