Philip Morris International’s 2040 net-zero target verified by the SBTi22 Jul 2022 · 5 min read
The Science Based Targets initiative aims to help companies achieve their ambitious climate goals.
The Science Based Targets initiative (SBTi) has verified PMI’s 2040 net-zero science-based target (Scopes 1+2+3)—making the company one of two dozen companies to date who have had their net-zero targets verified by the organization. Specifically, PMI has committed to:
Overall net-zero target
- Reach net-zero greenhouse gas (GHG) emissions across the value chain by 2040 from a 2019 base year, accelerating our previous timeline by ten years
- A 50 percent reduction in absolute scope 1 and 2 GHG emissions by 2030 from a 2019 base year
- A 50 percent reduction in absolute scope 3 GHG emissions within the same timeframe
- To further ensure achieving scope 3 target, 15 percent of suppliers by spend (covering purchased goods and services) will have science-based targets by 2025
- A 90 percent reduction in absolute scope 1, 2 and 3 GHG emissions by 2040 from a 2019 base year
Targets are considered science-based if they are in line with what the latest climate science deems necessary to meet the goals of the Paris Agreement. SBTi defines and promotes best practice in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies’ targets.
Focused on our ambitious targets
Last year, PMI released its Low-Carbon Transition Plan(LCTP), which provides technical details on how it is working within the company and with others to cut greenhouse gases aggressively, especially carbon emissions, and achieve the climate goals it has set itself. This plan, coupled with PMI’s Science Based Targets, form part of its robust climate strategy.
To deliver on these targets, PMI prioritizes reducing absolute carbon emissions at PMI. This is achieved so by optimizing efficiency and reducing consumption while minimizing the use of fossil fuels and promoting the switch to renewable energy, as outlined in the LCTP.
Critical action to achieve our goals
I am delighted that the robustness of our global climate ambition to achieve net-zero greenhouse gas emissions across our operations and supply chain by 2040—10 years earlier than initially planned—has now been verified by the SBTi. We are confident about being on the right track toward a low-carbon economy and will achieve reductions in emissions by advancing technologies to decarbonize our supply chain, increasing the efficiency of our manufacturing processes and fleet, and accelerating our use of renewable energy.
In addition to its internal measures, PMI consistently supports national and global climate policies that promote a smooth transition to a low-carbon economy and help plan for business growth. PMI’s strong belief is that effective climate policies provide all stakeholders, but especially the private sector, with more certainty for short- and long-term planning and investment, as well as helping itself to better anticipate regulatory trends/changes and seize economic opportunities.
PMI has been recognized as a climate leader, and it is determined to remain at the forefront of the climate-neutral agenda. The road toward a low-carbon economy and a better planet is one everyone needs to take together.
For more information on the topics above, please take a look at PMI’s Low Carbon Transition Plan, or visit its Sustainability at PMI page.