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The IPCC Special Report on Global Warming of 1.5°C advised that we must keep global average temperature rise to below 1.5°C to prevent catastrophic climate change. In practice, this means reducing global greenhouse gas emissions to net-zero by no later than 2050.
Companies should prioritise internal reductions, but there will be unavoidable emissions throughout the journey to net-zero. It is best practice to compensate for annual emissions by purchasing carbon credits from projects that avoid or reduce emissions outside of a company's value chain. Financing emissions reduction or avoidance activities elsewhere means that even if internal reductions are limited, a company can still contribute to reducing global emissions and create positive impacts towards other global Sustainable Development Goals and towards becoming a net-zero business.