Philip Morris International Receives Science-Based Targets initiative (SBTi) Validation for its Forest, Land, and Agriculture (FLAG) Emissions Reductions Targets
- PMI verified its FLAG emissions reductions targets
- PMI maintains net-zero emissions target for scopes 1, 2, and 3 by 2040
- PMI included in Forbes' Net Zero Leaders ranking
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Distinction represents continued progress in PMI’s transformation for good and follows inclusion on Forbes’ Net Zero Leaders list as one of the companies best positioned to transition to a low-carbon economy
Land use and agricultural sectors offer vast opportunities for GHG removals, including agroforestry, soil carbon sequestration, and forest restoration, for example. Adopting a science-based target for Forest, Land, and Agriculture will support PMI to further accelerate its efforts to reduce greenhouse gas (GHGs) emissions arising from land use.
According to the Science Based Targets initiative, “SBTi’s FLAG guidance provides the world’s first standard method for companies in land-intensive sectors to set science-based targets that include land-based emission reductions and removals. The guidance enables companies to reduce the
PMI maintains its science-based target to reach net-zero emissions for scopes 1, 2, and 3 by 2040, which was validated by SBTi in July 2022. As part of its ongoing net-zero commitment, PMI has now pledged to reduce absolute scope 3 emissions related to forestry, land, and agriculture (FLAG) by
“We renew and continue our effort to direct our activities toward decarbonizing our value chain and are committed to aligning our work with relevant updates on international methodologies, such as the Science Based Targets for Nature (SBTN) and guidance from the SBTi on forest, land, and agriculture (FLAG) science-based targets,” said Scott Coutts, Senior Vice President of Operations at PMI.
“The SBTi’s science-based targets on forestry, land use, and agriculture will become the gold standard for companies within the agricultural sector to accelerate emissions reductions, and we are pleased to be early adopters,” said Jennifer Motles, Chief Sustainability Officer at PMI. “The SBTi’s validation demonstrates that our targets are rooted in science and aligned with the Paris Climate Agreement’s goal to keep global warming to the 1.5°C threshold that is considered the limit beyond which climate-related impacts will be catastrophic.”
Ahead of the validation, PMI was included in Forbes’ first-ever Net Zero Leaders ranking,1 which highlights the 100 U.S. public companies that are best positioning themselves to reduce their greenhouse-gas emissions and ultimately offset them by 2050. On the inaugural ranking, which considered initiatives to reduce carbon emissions from the company’s own operations and that of its suppliers, vendors, and customers, PMI ranked seventh overall, and first within its peer group. The ranking also considered the company’s management structure around risk assessment, governance, strategy, and metrics for achieving its decarbonization goals and its financial strength to withstand industry competition and economic turmoil.
Read PMI’s Low-Carbon Transition Plan, PMI’s Integrated Report 2022, or visit pmi.com/sustainability to learn more. Additional information about the SBTi and PMI’s approved targets are available at https://sciencebasedtargets.org.
Science Based Targets initiative
The Science Based Targets initiative (SBTi) is a global body enabling businesses to set ambitious emissions reductions targets in line with the latest climate science. It is focused on accelerating companies across the world to halve emissions before 2030 and achieve net-zero emissions before 2050. The initiative is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI), and the World Wide Fund for Nature (WWF) and is one of the We Mean Business Coalition commitments. The 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. www.sciencebasedtargets.org @sciencetargets.
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
Philip Morris International: SBTi Near- and Long-Term Targets
Overall Net-Zero Target: Philip Morris International commits to reach net-zero GHG emissions across the value chain by 2040.
Near-Term Targets Energy/industrial: Philip Morris International commits to reduce absolute scopes 1 and 2 GHG emissions
Philip Morris International also commits to reduce absolute scope 3 GHG emissions
*The target boundary includes land-related emissions and removals from bioenergy feedstocks. FLAG: Philip Morris International commits to reduce absolute scope 3 FLAG GHG emissions
Long-Term Targets Energy/industrial: Philip Morris International commits to reduce absolute scopes 1, 2, and 3 GHG emissions
*The target boundary includes land-related emissions and removals from bioenergy feedstocks. FLAG: Philip Morris International commits to reduce absolute scope 3 FLAG GHG emissions
*The target includes FLAG emissions and removals.
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Philip Morris International
David Fraser
T. +41 (0)58 242 4500
E. david.fraser@pmi.com
Source: Philip Morris International