Following the release of the second draft of the corporate net-zero standard V2 from SBTi on November 6th, 2025, GMA CEO Kim Carnahan shared her insights on what this update means for sector-level decarbonization efforts and programs that utilize book and claim, and where opportunities remain to refine the final draft to make it most useful and effective. GMA encourages stakeholders to engage with the public consultation period that ends December 8, 2025.

Kim’s original LinkedIn post is copied here, below.

“ICYMI: the next version of the DRAFT V2 Science Based Targets initiative Corporate Net Zero Standard is out.

It’s clearer, (somewhat) simpler, and takes many steps in the right direction.

It includes even more clarity (compared to the last draft) that indirect mitigation will count towards climate targets.

The First Public Consultation Feedback Report, also released today, shows why: ~80% of respondents supported counting indirect mitigation toward target achievement. Mandate sent.

I specifically like several adjustments they made to the indirect mitigation concept – now called “sector level actions.” The Advanced and Indirect Mitigation (AIM) Platform (www.aimplatform.org) supports this theory of change: even if a company lacks traceability or direct access to solutions, they still need to work to decarbonize the sectors that form the building blocks of their business.

Unfortunately, a few BIG holes remain in this otherwise gold star product.

Hole #1

– The draft appears to say that indirect mitigation can count towards some but not all scope 3 target types. I am perplexed as to why the clear mandate received would apply to some but not all target types.

– I get the current situation is complex with the overlapping GHG Protocol revision process. But one thing is not complex: Companies need the strongest and loudest signal possible to invest in critical decarb technologies now – and it is SBTi’s job to give that signal.

– GHG Protocol is policy agnostic and can provide the tools to meet any target. In fact, it has already convened a technical working group (I’m a proud member) to develop them.

Hole #2

Where is project-based accounting for indirect mitigation? I’m a huge proponent of product based, attributionally accounted EACs but some (very important) work requires project-based accounting. There needs to be a clear place for it in target achievement, or it simply won’t get done.

Hole #3

What about companies who already have V1 targets? I realize this standard will apply to future targets but we need a cover page (or similar) that clearly states that indirect mitigation will count, in all the same ways, to V1 targets.

And finally, with the overall complexity of the target setting approach outlined in this draft: I understand what SBTi is trying to engineer with this approach. I’m worried that logic will not equal effectiveness in this case, however. Companies need to be able to communicate these targets, clearly and succinctly – internally and externally. SBTi and all of us who support them will be more successful if companies can distill all the targets and sub-targets into the language we speak now – emission reductions.

All in all, huge progress. I very much believe we will get there in the final draft.”

See below for the online version of GMA’s Fall 2025 newsletter, distributed shortly after New York Climate Week. To receive future editions directly to your inbox, sign up through the form at the bottom of our homepage or email pr@gmacenter.org to be added to our mailing list. 

Above: a one-minute video recap of the 2nd Annual Green Markets Day at New York Climate Week 2025. 

Thinking about the state of voluntary climate action in the wake of this year’s New York Climate Week, we are reminded of Mark Twain’s famous quote: “Reports of my death are greatly exaggerated.” We at GMA were thrilled by the response to our second annual Green Markets Day – an exceptional afternoon of programming that welcomed more than 450 attendees and launched several new initiatives centered around this year’s theme, Signals That Move Markets (detailed below). The energy and excitement in the room was palpable – much appreciation to Lowercarbon Capital, RMI, and Smart Freight Centre for all of the valuable support and collaboration on this event.

With our team spread out across nearly four dozen events throughout the week, we were proud to add our voices and perspectives to accelerating efforts that activate demand, mobilize investment, and scale green fuels, technologies, and services. Looking out to the end of the year and into 2026, we carry that same determination and energy into tackling the toughest and highest impact decarbonization challenges. Thank you for being with us on this journey.

The GMA Team

Program Updates

Trucking

Nevoya Wins Pilot RFP: GMA Trucking, in strategic partnership with Smart Freight Centre, announced Nevoya as the winner of its pilot RFP live on stage at Green Markets Day 2025. This first-of-its-kind procurement will lead to the largest known single deployment of class 8 battery electric vehicles in the State of Texas and create a dedicated, all-electric shipping route between Dallas and Houston. Read more about it here and watch our latest video highlighting GMA Trucking’s pilot procurement. To learn more and get involved, email trucking@gmacenter.org.

Aviation

SABA COP30 SAFc Campaign Takes Flight: SABA introduced an innovative platform to help COP30 attendees cut flight emissions. With the SABA COP30 SAF platform, travelers to Belém can calculate and address their aviation-related emissions by purchasing high integrity SAF sourced from SkyNRG. You can purchase SAFc through the program here or join us for a webinar on October 22 to learn more. Register here.

SAFc Connect Ready for 2026 Volume Offtake: Introduced in May 2025, SAFc Connect is a market accelerating tool for SABA members to easily find and purchase SAF certificates. With 10 SAFc providers already on the platform, many with multiple different offers, SABA customers have streamlined access to a range of competitively priced SAFc options to choose from. If you are not yet on the platform, please email SAFcConnect@gmacenter.org to get started!

Cement & Concrete

Official Launch of SCoBA: GMA, along with our partners at RMI, announced the launch of the Sustainable Concrete Buyers Alliance (SCoBA), a first-of-its-kind group of leading organizations collaborating to speed the adoption of low-carbon cement and concrete. Coinciding with the launch was the release of an RFI for lower-carbon cement and concrete, a key milestone on the path to SCoBA’s pilot procurement planned for late 2025. To learn more, email info@buildscoba.org.

Chemicals

RFI for Low-Emission Ethylene: GMA and RMI announced an RFI for low-emission ethylene as part of our joint Low-Emission Chemicals program. We invite innovative producers to respond by Friday, November 7, 2025. For more information, click here.

AIM Platform

The AIM Platform is following an ambitious timeline to publish Version 1 of its Standard and Guidance in early 2026, including two recent milestones:

QAR Standard and Guidance: Designed to provide companies with reliable requirements and guidance on how to account for and report on qualified value chain interventions, the Intervention Quality, Accounting, and Reporting (QAR) Standard and Guidance is open for stakeholder feedback through November 21. If you’re interested in being a part of the public consultation or are otherwise curious to learn more, register for our upcoming webinar on Thursday, October 16.

Electricity Annex: Developed as a supplement to the Association Test and QAR Standard and Guidance, the AIM Platform just released a draft of the Electricity Annex for stakeholder comment. Companies with Scope 3 electricity emissions are encouraged to review and share feedback by December 5.

Maritime

Second Tender Approaching the Finish: The Zero Emission Maritime Buyers Alliance (ZEMBA) has been focused on its second tender process. Launched earlier this year, this tender is exclusively focused on e-fuels achieving greater than 90% reduction in emissions compared to fossil fuels. ZEMBA is now nearing the finish line, and the winner will be announced around the end of the year.

New Publications from Our Partners

• Corporates can play a catalytic role in driving systemic change through their procurement actions. RMI’s Catalytic Procurement report shows how purchasing power can unlock low-emission markets, scale breakthrough technologies, and leverage innovative market mechanisms across different sectors. Explore RMI’s resources here.
• Climate Week NYC saw the launch of Build Clean Now, a global campaign from the Industrial Transition Accelerator and Mission Possible Partnership, with a clear ambition: to accelerate, year-on-year, the financing and construction of clean industrial plants, building unstoppable momentum toward 800+ projects by 2030. Learn more here.

In the News / #ICYMI

• The launch of the Sustainable Concrete Buyer’s Alliance (SCoBA) was featured in CNBC’s Property Play, edie, BusinessGreen News, and others.

• SABA’s COP30 SAFc campaign was covered by SAF Magazine, BusinessGreen News, Quantum Commodity Intelligence, and more.

• The work of GMA Trucking was highlighted on the Volts podcast in a conversation recorded live at Green Markets Day.

• Quantum Commodity Intelligence reported on a webinar hosted by RMI and featuring GMA’s Andrew Alcorta discussing our work decarbonizing fertilizer.

  

  The GMA team was out in force for Green Markets Day 25 at New York Climate Week.

Upcoming Events

Sustainable Aviation Futures North America 2025 | October 14-16, 2025 | Houston

Andre de Fontaine will moderate a panel of high-level SAF stakeholders as part of the plenary session, “Is There an Acceptable Price for SAF? Price Discovery and Demand Signals.” Click here for more information.

Ammonia Energy Association Annual Conference | October 20-22, 2025 | Houston

Ash Khetpal will speak on the panel “Accelerating Adoption through Demand Aggregation and Financing Mechanisms.” Click here for more information.

VERGE hosted at Trellis Impact 2025 | October 28-30, 2025 | San Jose

GMA representatives will take part in multiple panels throughout the conference. Click here for more information.

AFCC Global Biobased Economy Conference & Exhibit | November 16-18, 2025 | Washington, DC

Andre de Fontaine will speak on the panel “Demystifying the Biggest Black Box in SAF: Monetizing Scope 3 Emissions.” Click here for more information.