Thermo Fisher Scientific Publishes 2020 Corporate Social Responsibility Report

Rhea-AI Summary

Thermo Fisher Scientific (TMO) released its 2020 Corporate Social Responsibility (CSR) report, highlighting significant commitments to environmental, social, and governance (ESG) efforts. Key achievements include producing over 700 million PCR-based COVID-19 tests and investing $1.3 billion in diverse-owned businesses. The report also showcases initiatives for colleague support, with 40% of leadership hires being women, a $30 million investment in STEM education, and a $25 million COVID-19 testing program for historically black colleges. The company is on track to achieve a 30% reduction in greenhouse gas emissions by 2030.

Positive

• Produced over 700 million PCR-based COVID-19 tests.
• Invested $1.3 billion in diverse-owned businesses.
• Women made up 40% of all global leadership hires.
• Invested $30 million in STEM education access for underserved groups.
• Initiated a $25 million COVID-19 testing program for historically black colleges.
• Progressing towards a 30% reduction in greenhouse gas emissions by 2030.

Negative

• None.

WALTHAM, Mass., Oct. 26, 2021 /PRNewswire/ -- Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today published its 2020 Corporate Social Responsibility (CSR) report, reflecting its commitment to society, stakeholders and environmental, social and governance (ESG) efforts. The report provides detailed insight into the company's approach to CSR, outlines future priorities and highlights achievements across four pillars of focus: operations, colleagues, communities and environment.

(NYSE: TMO) today published its 2020 Corporate Social Responsibility report reflecting its commitment to ESG efforts.

"Across Thermo Fisher Scientific, we hold ourselves accountable for doing business the right way and delivering on our responsibility to society," said Marc N. Casper, chairman, president and chief executive officer of Thermo Fisher Scientific. "From our mobilization to assist in the global response to the COVID-19 pandemic, our expanded D&I programs, our support of non-profit organizations and global health equity initiatives and our commitments to reduce greenhouse gas emissions, I'm proud to share all that our 90,000 colleagues accomplished in 2020."

Highlights from the company's 2020 CSR efforts include:

     Operations

• Mobilized significant resources and worked with speed at scale to accelerate the development, manufacturing and distribution of critical products and services in support of the societal response to the pandemic including more than 700 million PCR-based COVID-19 tests
• Drove opportunity and equity through our world-class supply chain with $1.3 billion spent with businesses owned by women, minorities, veterans and members of the disabled and LGBTQ communities

     Colleagues

• Enhanced programming to support the company's more than 90,000 colleagues with robust training, talent development opportunities and increased retention efforts including a special pandemic response compensation structure
• Advanced progress towards diversity and inclusion priorities and disclosures, with women comprising 40% of all global leadership hires

     Communities

• Invested $30 million to establish the Foundation for Science with a focus on enabling STEM education access for underserved groups and supported more than 2,900 not-for-profits through our global network of colleagues
• In addition to a $25 million COVID-19 testing program to enable the safe reopening of historically black colleges and universities in the U.S., we partnered with global health organizations to ensure that more than 100 low- and middle-income countries had access to critical pandemic response supplies

     Environment

• Made progress on the company's 2050 net-zero goal and 2030 target to reduce greenhouse gas emissions across operations by 30% (from 2018 levels) and advancing our renewable energy strategy

Learn more about Thermo Fisher's commitment to CSR and our progress here www.thermofisher.com/csr

About Thermo Fisher Scientific
Thermo Fisher Scientific Inc. is the world leader in serving science, with annual revenue of approximately $35 billion. Our Mission is to enable our customers to make the world healthier, cleaner and safer. Whether our customers are accelerating life sciences research, solving complex analytical challenges, improving patient diagnostics and therapies or increasing productivity in their laboratories, we are here to support them. Our global team of more than 90,000 colleagues delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services and Patheon. For more information, please visit www.thermofisher.com.

Media Contact Information:
Ron O'Brien
Phone: 781-622-1242
E-mail: ron.obrien@thermofisher.com

Investor Contact Information:
Rafael Tejada
Phone:  781-622-1356
E-mail: rafael.tejada@thermofisher.com

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SOURCE Thermo Fisher Scientific

FAQ

What are the key highlights of Thermo Fisher's 2020 CSR report?

Thermo Fisher's 2020 CSR report highlights include over 700 million COVID-19 tests produced, $1.3 billion spent on diverse-owned businesses, and significant investments in STEM education and COVID-19 testing programs.

How much did Thermo Fisher invest in diversity initiatives in 2020?

In 2020, Thermo Fisher invested $1.3 billion in businesses owned by women, minorities, veterans, and LGBTQ members to promote diversity.

What is Thermo Fisher's goal for greenhouse gas emissions by 2030?

Thermo Fisher aims to reduce greenhouse gas emissions by 30% from 2018 levels by the year 2030.

How does Thermo Fisher support education for underserved communities?

Thermo Fisher invested $30 million to establish the Foundation for Science, focusing on enabling STEM education access for underserved groups.

What efforts did Thermo Fisher make to support COVID-19 testing in 2020?

Thermo Fisher allocated $25 million toward a COVID-19 testing program to help safely reopen historically black colleges and universities.