Jeff Bezos’ $10-billion Earth Fund has withdrawn its backing from the Science Based Targets initiative (SBTi), a key verifier of corporate climate goals, according to the Financial Times.
The decision follows internal complaints from SBTi staff about the Earth Fund’s potential influence over the organization, the FT reported. The move also comes amid broader criticism directed at SBTi, including from its own employees, over a decision last year to loosen rules on how companies can use carbon credits to offset their supply-chain emissions.
Some staff members questioned whether meetings hosted by the Bezos Earth Fund in London shortly before the rule changes could have influenced SBTi’s decision. Neither SBTi nor the Bezos Earth Fund responded to requests for comment outside regular business hours.
The Bezos Earth Fund is one of SBTi’s two main funders, alongside the IKEA Foundation, according to the organization’s website.
The timing of the withdrawal has also been linked to shifting political dynamics. The FT report suggests the move may be a response to policies favored by former President Donald Trump, who recently ordered the U.S. withdrawal from the Paris Agreement on climate action.
SBTi plays a significant role in assessing and verifying corporate commitments to reducing greenhouse gas emissions in line with the Paris Agreement targets. The group’s credibility has been challenged recently, with critics arguing that loosening carbon credit rules undermines the integrity of corporate climate reporting.
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