GlobalData offers a comprehensive analysis of Philip Morris, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of climate change and associated ESG keywords, GlobalData delivers valuable information on Philip Morris’s ESG performance. GlobalData’s company profile on Philip Morris offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
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Philip Morris (PMI) has set ambitious net-zero targets to tackle climate change. The company aims to achieve carbon neutrality in its direct operations (scope 1+2) by 2025 and net-zero greenhouse gas (GHG) emissions in its value chain (scope 1+2+3) by 2040. PMI also has specific goals related to scope 1, scope 2, and scope 3 emissions, including a 50% reduction in both absolute scope 1+2 GHG emissions and Scope 3 by 2030. It also has an interim target of carbon neutrality for net CO2e scope 1+2 (metric tons) and a 35% reduction in absolute scope 3 GHG emissions by 2025. The company is committed to sourcing 100% of its electricity from renewable sources and eliminating the use of coal as a curing fuel for tobacco sourcing.
PMI has taken several steps to reduce its emissions and achieve its net-zero targets. The company has invested in research and development, responsible sourcing principles, and science-based targets. It has improved its carbon footprint model and data accuracy, increased coverage of primary data from suppliers, and integrated emissions related to fleet purchases. PMI has also implemented measures to preserve nature, including zero gross deforestation of primary and protected forests associated with its tobacco supply chain and a commitment to water stewardship.
In terms of emission trends, PMI has made significant progress in reducing its carbon emissions. In 2022, the net carbon emissions in Scope 1 and 2 amounted to 297,236 thousand metric tons and registered a 11% reduction of CO2e emissions along the value chain (scope 1+2+3) vs.2019. For the year 2023, the company aspires to achieve a 39% reduction in absolute scope 1+2 GHG emissions and a 25% reduction in absolute scope 3 GHG emissions and an increased proportion of electricity used and purchased from renewable sources to 100%.
PMI's efforts to tackle climate change have been recognized, as evidenced by its A rating in the CDP Climate Change rating. The company's GHG emissions inventory is subject to external verification by SGS. PMI's comprehensive approach to addressing climate change includes governance, strategy, metrics, and targets, as well as risk management.
In conclusion, PMI is committed to achieving net-zero emissions and has set specific targets for scope 1, scope 2, and scope 3 emissions. The company has taken significant steps to reduce its carbon footprint and has made substantial progress in emission reduction. PMI's efforts to tackle climate change are guided by robust carbon footprint accounting and analysis of climate-related risks and opportunities.
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