SMARTargets™ is a research project of EPRI. The objective of SMARTargets is to develop a new methodology for companies to set greenhouse gas (GHG) emissions reduction targets that are grounded in the relevant science, actionable in terms of considering company opportunities, constraints, and risks, and aligned with the global goals of limiting warming to well below 2°C, and pursuing efforts to limit warming to 1.5°C, as stated in the United Nations Framework Convention on Climate Change's Paris Agreement.

EPRI's research assessing the science has found that a company target grounded in science needs to consider uncertainty about future decarbonization conditions, the unique opportunities available to each company, the multiple social priorities companies are pursuing and supporting, the flexibility required to be able to respond to the futures that unfold, and the robustness of a company's overall strategy to ensure that greenhouse gas targets are consistent with company risk management and resilience. 

The SMARTargets project was initiated after EPRI research found that existing company target setting methodologies and benchmarks were not considering these important issues, which are essential for developing practical company targets, transition risk management, and cost-effective decarbonization. EPRI's research has resulted in technical insights and principles that provide the foundation for a well-grounded company target setting methodology and validation alternative.

EPRI is a non-advocacy, nonprofit, scientific research organization with a public benefit mandate. EPRI has extensive, recognized expertise in, among other things, climate scenarios, climate risk assessment, societal transitions, reporting, disclosure, and stakeholder engagement, as well as recognized research community and scientific leadership and participation in activities such as the Intergovernmental Panel on Climate Change (IPCC) and the Task Force on Climate-related Financial Disclosures (TCFD) Advisory Group for Scenario Guidance. 

In addition to developing the new methodology, the project has a Stakeholder Advisory Coalition, composed of representatives from finance, environmental, trade, standard-setting, and industry organizations who provide guidance and feedback to the project and development of the SMARTargets methodology. The project also includes outreach activities to communicate and educate on the relevant science for GHG target setting and, once completed, share the methodology with the public and stakeholders to facilitate understanding and implementation.