Baxter publishes annual corporate responsibility report, highlighting continued focus on creating lasting impact

Rhea-AI Summary

Baxter published its 2023 Corporate Responsibility Report, emphasizing its continued commitment to global healthcare, transparency, and environmental, social, and governance (ESG) topics. The report updates Baxter's progress toward its 2030 Corporate Responsibility Commitment and Goals, highlighting key achievements such as investing over $143 million since 2021 in underserved communities, partnering with UNICEF for climate-smart projects in Egypt, and completing 150 energy conservation projects that will reduce GHG emissions by 21,100 metric tons annually from 2024. Baxter also continues to excel in workplace safety and has enhanced its reporting by adopting the TCFD framework. The company plans to conduct a double materiality assessment to align its goals with evolving corporate responsibility standards, especially in light of the proposed separation of its Kidney Care business.

Positive

• Invested over $143 million in underserved communities since 2021.
• Completed 150 energy conservation projects in 2023, reducing GHG emissions by 21,100 metric tons annually from 2024.
• Continued top quartile workplace safety performance.
• Adopted the TCFD framework for enhanced transparency in corporate responsibility reporting.

Negative

• None.

Provides updates on Baxter’s 2030 Corporate Responsibility Commitment and Goals and reinforces the company’s commitment to transparent reporting

DEERFIELD, Ill.--(BUSINESS WIRE)-- Baxter International Inc. (NYSE:BAX), a global medtech leader, today published its 2023 Corporate Responsibility Report. The annual report showcases Baxter’s dedication to making a meaningful difference in global healthcare and reporting with transparency on the environmental, social and governance topics most important to its stakeholders.

“Baxter employees across the globe are connected by our shared commitment to doing business the right way and continually driving a positive impact for the patients, clinicians and communities we serve,” said José (Joe) E. Almeida, chair, president and chief executive officer. “As we continue to focus on creating value for our stakeholders through our 2030 Corporate Responsibility Commitment and Goals, our approach will remain grounded in our sustainable business model and central to Baxter’s Mission to Save and Sustain Lives.”

2023 Corporate Responsibility Highlights

Baxter’s 2023 Corporate Responsibility Report shares updates on the company’s 2030 Corporate Responsibility Commitment and Goals, which support an overarching pledge to “Empower our Patients,” “Protect our Planet” and “Champion our People and Communities.” Key accomplishments highlighted in the report include:

• Invested more than $143 million since 2021 to support underserved communities through strategic partnerships and donations.
• Announced a new partnership with UNICEF and a $2.5 million commitment through the Baxter International Foundation to improve climate-smart access to safe drinking water and sanitation in water-challenged regions of Egypt.
• Completed 150 energy conservation projects in 2023, which are estimated to reduce greenhouse gas (GHG) emissions by approximately 21,100 metric tons carbon dioxide equivalent per year beginning in 2024. This is nearly double the GHG emissions reduction achieved with energy projects completed in 2022.¹
• Continued to achieve top quartile workplace safety performance, as measured by total recordable incident rate. 

Transparent Reporting on Priority Stakeholder Topics

Building on more than 30 years of reporting on environmental and sustainability performance, Baxter aims to consistently broaden and enhance its reporting on the corporate responsibility topics that matter to its stakeholders. In 2023, the company published its inaugural report against the framework established by the Task Force on Climate-related Financial Disclosures (TCFD) and now reports against the TCFD framework annually in its Corporate Responsibility Report. Baxter is preparing to conduct a double materiality assessment to help evolve its approach to corporate responsibility and ensure continued alignment with corporate responsibility industry standards following the proposed separation of its Kidney Care business. This includes assessing any necessary adjustments to Baxter’s 2030 Corporate Responsibility Goals to align with the evolving interests and makeup of the company and its stakeholders.

Baxter furthers its aspirations as a healthcare leader by continuing to advance efforts that demonstrate its commitment to operating as a socially responsible and sustainable business and as an employer of choice. Learn more about Baxter’s corporate responsibility commitment here.

About Baxter

Every day, millions of patients, caregivers and healthcare providers rely on Baxter’s leading portfolio of diagnostic, critical care, kidney care, nutrition, hospital and surgical products used across patient homes, hospitals, physician offices and other sites of care. For more than 90 years, we’ve been operating at the critical intersection where innovations that save and sustain lives meet the healthcare providers who make it happen. With products, digital health solutions and therapies available in more than 100 countries, Baxter’s employees worldwide are now building upon the company’s rich heritage of medical breakthroughs to advance the next generation of transformative healthcare innovations. To learn more, visit www.baxter.com and follow us on X/Twitter, LinkedIn and Facebook.

This release includes forward-looking statements concerning Baxter’s 2030 Corporate Responsibility Commitment and Goals and other plans and initiatives described in the release. The statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those in the forward-looking statements: the company’s ability to execute and complete strategic initiatives, asset dispositions and other transactions, including the proposed separation of the company’s Kidney Care segment; the company’s ability to execute on its capital allocation plans (including those with respect to Baxter’s 2023 Corporate Responsibility Commitment and Goals); demand for and market acceptance for new and existing products; product development risks; inability to create additional production capacity in a timely manner or the occurrence of other manufacturing or supply difficulties (including as a result of natural disasters, public health crises and epidemics/pandemics, regulatory actions or otherwise); satisfaction of regulatory and other requirements; actions of regulatory bodies and other governmental authorities; product quality, manufacturing or supply, or patient safety issues; changes in law and regulations; and other risks identified in Baxter's most recent filing on Form 10-K and Form 10-Q and other SEC filings, all of which are available on Baxter's website. Baxter does not undertake to update its forward-looking statements unless otherwise required by the federal securities laws.

Baxter is a registered trademark of Baxter International Inc.

¹ Estimated greenhouse gas emissions reductions are calculated for the full calendar year following project implementation

View source version on businesswire.com: https://www.businesswire.com/news/home/20240710214310/en/

Media Contact

Andrea Johnson, (224) 948-5353

media@baxter.com

Investor Contact

Clare Trachtman, (224) 948-3020

Source: Baxter International Inc.

FAQ

What are the key highlights of Baxter's 2023 Corporate Responsibility Report?

Baxter's 2023 Corporate Responsibility Report highlights include over $143 million invested in underserved communities, a new UNICEF partnership in Egypt, 150 energy conservation projects reducing GHG emissions, and continued top quartile workplace safety performance.

What is the estimated GHG emissions reduction from Baxter's 2023 energy conservation projects?

The energy conservation projects completed by Baxter in 2023 are estimated to reduce greenhouse gas emissions by approximately 21,100 metric tons of carbon dioxide equivalent per year starting in 2024.

How much has Baxter invested in underserved communities since 2021?

Since 2021, Baxter has invested more than $143 million to support underserved communities through strategic partnerships and donations.

What new partnership did Baxter announce in its 2023 Corporate Responsibility Report?

Baxter announced a new partnership with UNICEF and committed $2.5 million through the Baxter International Foundation to improve climate-smart access to safe drinking water and sanitation in water-challenged regions of Egypt.

What framework did Baxter adopt for its 2023 Corporate Responsibility Report?

In 2023, Baxter adopted the Task Force on Climate-related Financial Disclosures (TCFD) framework for its Corporate Responsibility Report to enhance transparency in reporting.