Bristol Myers Squibb Reaches Major Milestone in Environmental Sustainability

Rhea-AI Summary

Bristol Myers Squibb (NYSE:BMY) has achieved a significant milestone in its environmental sustainability efforts. The Science Based Targets initiative (SBTi) has validated BMS' near-term and net-zero science-based targets, reinforcing the company's commitment to reducing greenhouse gas (GHG) emissions. BMS aims to reach net-zero GHG emissions across its value chain by 2050 from a 2022 baseline.

Key commitments include:

• Reducing Scope 1 and 2 GHG emissions and Scope 3 GHG emissions by 54.6% by 2033
• Engaging 75% of suppliers, by emissions, in developing science-based targets by 2028
• Sourcing 100% purchased electricity from renewable sources by 2030

BMS has made progress through energy reduction projects, renewable energy agreements, and supplier engagement. The company has expanded its Scope 3 emissions tracking to 10 categories and received recognition for its energy management efforts.

SBTi validation affirms BMS' long-standing commitment to environmental stewardship

PRINCETON, NJ / ACCESSWIRE / July 18, 2024 / Bristol Myers Squibb (NYSE:BMY) today announced validation for its near-term and net-zero science-based targets from the Science Based Targets initiative (SBTi), as part of a mid-year update on its environmental initiatives, highlighting progress in reducing emissions across its operations and supply chain. SBTi validation is considered the gold-standard for corporate greenhouse gas (GHG) emissions target setting and reduction strategies.

BMS is committed to reaching net-zero GHG emissions across its value chain by 2050 from a 2022 baseline year. In addition, BMS has committed to reduce Scope 1 and 2 GHG emissions and Scope 3 GHG emissions (from fuel and energy related activities) by 54.6%¹ by 2033 and engage 75% of its suppliers, by emissions, in their development of science-based targets by 2028.²

"Validation of our near-term and long-term targets by the SBTi is an important milestone on our journey to achieving net-zero emissions," said Karin Shanahan, executive vice president of Global Product Development & Supply, Bristol Myers Squibb. "Through cross-collaboration, industry partnerships, and supplier engagement we are taking decisive action and embedding changes into our operations that will help create a more sustainable and healthier planet for generations to come."

Ongoing commitment to environmental stewardship

BMS' SBTi validation reinforces the company's commitment to advancing its long-term strategy to minimize its environmental footprint. Pivotal activities contributing to BMS' progress include:

• Reducing emissions from company-controlled operations (Scope 1). BMS has been implementing projects aimed at reducing energy use and GHG emissions within its operations. The Company's leadership in energy management was recognized by ENERGY STAR with the 2024 Partner of the Year: Sustained Excellence award. Further, BMS was awarded the "Leadership in Energy and Environmental Design (LEED)" certification's highest Platinum rating by the U.S. Green Buildings Council for its state-of-the-art research facility in Cambridge, Massachusetts - joining the company's 16 other LEED Gold or Silver-rated facilities.

• Transitioning to renewable energy (Scope 2): In 2022, BMS executed a 15-year virtual power purchase agreement (VPPA) for 60 megawatts (MW) at the 240-MW Cattlemen Solar Park in Texas. In 2023, a second 15-year VPPA with National Grid Renewables for 145 MW of solar at the Texas-based Blevins Solar Projects was announced. These actions propel BMS another step closer to realizing its 2030 goal to source 100% purchased electricity from renewable sources.

• Addressing emissions across the value chain (Scope 3). BMS has continued to strengthen its end-to-end data program, using GHG Protocol as a guiding principle. The Company has expanded tracking, management, and reporting of its Scope 3 emissions to 10 categories, with limited assurance. Further, through its supplier engagement program, BMS has determined that approximately 30% of suppliers in scope for its Scope 3 supplier engagement target already have approved science-based targets with an additional 20% of suppliers 'committed'.

For more information on BMS' environmental commitments and strategy, visit BMS 2023 ESG Report.

About Bristol Myers Squibb Company
Bristol Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop, and deliver innovative medicines that help patients prevail over serious diseases. For more information about Bristol Myers Squibb, visit us at BMS.com or follow us on LinkedIn, X (formerly Twitter), YouTube, Facebook, and Instagram.

Cautionary Statement Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, the Company's goals, strategies, and performance in accordance with its 2023 Environmental, Social, and Governance (ESG) Report. No forward-looking statement can be guaranteed. Forward-looking statements in this press release should be evaluated together with the many risks and uncertainties that affect Bristol Myers Squibb's business and market, particularly those identified in the cautionary statement and risk factors discussion in Bristol Myers Squibb's Annual Report on Form 10-K for the year ended December 31, 2023, as updated by our subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission. The forward-looking statements included in this document are made only as of the date of this document and except as otherwise required by applicable law, Bristol Myers Squibb undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise.

¹The target boundary includes biogenic land-related emissions and removals from bioenergy feedstocks; the Scope 3 target is from fuel and energy related activities (FERA).

²The target is limited to suppliers by emissions covering purchased goods and services, capital goods, and upstream transportation and distribution.

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For more information, contact:

Media:
media@bms.com

Investors:
investor.relations@bms.com

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SOURCE: Bristol Myers Squibb Company

View the original press release on accesswire.com

FAQ

What are Bristol Myers Squibb's (BMY) environmental targets validated by SBTi?

Bristol Myers Squibb's targets validated by SBTi include reaching net-zero GHG emissions across its value chain by 2050, reducing Scope 1, 2, and 3 GHG emissions by 54.6% by 2033, and engaging 75% of suppliers in developing science-based targets by 2028.

How is Bristol Myers Squibb (BMY) reducing its Scope 1 emissions?

BMY is reducing Scope 1 emissions by implementing energy reduction projects in its operations. The company has received recognition for its energy management, including the ENERGY STAR Partner of the Year: Sustained Excellence award in 2024.

What renewable energy initiatives has Bristol Myers Squibb (BMY) undertaken?

BMY has executed two virtual power purchase agreements (VPPAs): a 15-year agreement for 60 MW at Cattlemen Solar Park in Texas in 2022, and another 15-year agreement for 145 MW of solar at the Blevins Solar Projects in Texas in 2023.

What progress has Bristol Myers Squibb (BMY) made in addressing Scope 3 emissions?

BMY has expanded its Scope 3 emissions tracking to 10 categories with assurance. Through its supplier engagement program, approximately 30% of suppliers in scope already have approved science-based targets, with an additional 20% committed.

What is Bristol Myers Squibb's (BMY) goal for renewable energy sourcing?

Bristol Myers Squibb aims to source 100% of its purchased electricity from renewable sources by 2030.