Announcement comes on the heels of PMI becoming Early Adopter of the Taskforce on Nature-related Financial Disclosures (TNFD)
STAMFORD, CT--(BUSINESS WIRE)--Feb. 6, 2024--
For the fourth consecutive year, Philip Morris International Inc. (PMI) (NYSE: PM) has received a “triple-A” rating from CDP for its disclosures on climate change, forests, and water security—placing PMI among the world’s leading companies in environmental transparency and action.
PMI has maintained a position on CDP’s Climate A List for the past 10 years, reflecting its commitment to transparency and performance as the company progresses toward achieving its science-based targets, as well as carbon neutrality for scope 1+2 by 2025, and net zero by 2040 for scope 1+2+3. PMI’s efforts to halt deforestation, moving to zero net deforestation in managed forests by 2030, have further been recognized by CDP, which placed the company on its Forests A List for the fourth consecutive year. This is the fifth year that PMI has been featured on CDP’s Water A List as the company works toward its water optimization targets, which include optimization of 10 million cubic meters of water in its tobacco growing areas by 2030.
“External recognition from organizations like CDP encourages us to continue our transformation journey and commitment to sustainability. We are pleased PMI has received CDP’s ‘triple-A’ distinction for the fourth consecutive time,” said Scott Coutts, Senior Vice President of Operations. “Clear and transparent reporting of our progress helps us find new opportunities for action, identify and tackle growing risks, and get ahead of regulatory and policy changes.”
PMI is also committed to advancing the adoption of the Taskforce on Nature-related Financial Disclosures (TNFD) recommendations and intends to publish its first TNFD-aligned report for financial year 2025. Accordingly, PMI has been included in an inaugural cohort of organizations that intend to become TNFD Early Adopters.
“We recognize the urgency to address climate change and protect biodiversity, and this is why our decarbonization strategy and progress are closely tied to preserving natural ecosystems,” said Jennifer Motles, Chief Sustainability Officer. “We are proud to be an early adopter of the TNFD framework and will be reporting on it in 2025, which builds on the work we have already done to incorporate climate-related risk and opportunities into our overall business strategy and disclosure efforts, following the Taskforce on Climate-related Financial Disclosures (TCFD) recommendations.”
To access PMI’s latest reports such as PMI’s TCFD Report 2022, PMI’s Low-Carbon Transition Plan, PMI’s Water & Biodiversity Ambitions 2022, as well as additional information on its approach to sustainability, please visit pmi.com/sustainability.
CDP is a global nonprofit that runs the world’s environmental disclosure system for companies, cities, states, and regions. Founded in 2000 and working with more than 680 financial institutions with over $130 trillion in assets, CDP pioneered using capital markets and corporate procurement to motivate companies to disclose their environmental impacts, and to reduce greenhouse gas emissions, safeguard water resources, and protect forests. Nearly 20,000 organizations around the world disclosed data through CDP in 2022, including more than 18,700 companies worth half of global market capitalization, and over 1,100 cities, states, and regions. Fully TCFD aligned, CDP holds the largest environmental database in the world, and CDP scores are widely used to drive investment and procurement decisions toward a zero carbon, sustainable, and resilient economy. CDP is a founding member of the Science Based Targets initiative, We Mean Business Coalition, the Investor Agenda, and the Net Zero Asset Managers initiative. Visit cdp.net to find out more.
The Taskforce on Climate-related Financial Disclosures (TCFD)
The Financial Stability Board (FSB) created the Taskforce on Climate-related Financial Disclosures (TCFD) in 2015 to improve and increase reporting of climate-related financial information. Following the release of the taskforce’s 2023 Status Report, upon request of the FSB, the TCFD has been disbanded. The FSB has asked the IFRS Foundation to take over the monitoring of the progress of companies’ climate-related disclosures.
For more information, please visit About | Taskforce on Climate-Related Financial Disclosures (TCFD) (fsb-tcfd.org).
The Taskforce on Nature-related Financial Disclosures (TNFD)
The Taskforce on Nature-related Financial Disclosures (TNFD) is a market-led, science-based, and government-backed initiative providing organizations with the tools to act on evolving nature-related issues. The TNFD has developed a set of disclosure recommendations and guidance for organizations to report and act on evolving nature-related dependencies, impacts, risks, and opportunities. The recommendations and guidance will enable business and finance to integrate nature into decision-making, and ultimately support a shift in global financial flows away from nature-negative outcomes and toward nature-positive outcomes. After two years of design and development in partnership with 20 knowledge partners and the benefit of extensive consultation with market participants and other stakeholders, the TNFD launched its final recommendations on September 18, 2023. With the recommendations released, the taskforce now focuses its efforts on encouraging and supporting voluntary market adoption and supporting efforts to address the knowledge, capacity-building, and data needs of market participants. Launched in 2021, the TNFD comprises of 40 senior executives drawn from leading financial institutions, corporates, and market service providers, with combined assets of over US$20 trillion. Twenty core knowledge partners from leading science, standards, and data bodies feed into the work of the taskforce. A group of over 1,300 organizations support the work of the taskforce as institutional members of the TNFD Forum. For more information, please visit The Taskforce on Nature-related Financial Disclosures (tnfd.global).
Philip Morris International: Delivering a Smoke-Free Future
Philip Morris International (PMI) is a leading international tobacco company working to deliver a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products. Since 2008, PMI has invested more than USD 10.5 billion to develop, scientifically substantiate, and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. In November 2022, PMI acquired Swedish Match—a leader in oral nicotine delivery—creating a global smoke-free champion led by the companies’ IQOS and ZYN brands. The U.S. Food and Drug Administration has authorized versions of PMI’s IQOS Platform 1 devices and consumables and Swedish Match’s General snus as modified risk tobacco products. As of September 30, 2023, PMI’s smoke-free products were available for sale in 82 markets, and PMI estimates that approximately 19.7 million adults around the world had already switched to IQOS and stopped smoking. Smoke-free products accounted for approximately 36.2% of PMI’s total third-quarter 2023 net revenues. With a strong foundation and significant expertise in life sciences, PMI announced in February 2021 its ambition to expand into wellness and healthcare areas and, through its Vectura Fertin Pharma business, aims to enhance life through the delivery of seamless health experiences. For more information, please visit www.pmi.com and www.pmiscience.com.
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Source: Philip Morris International