Thermo Fisher Scientific Releases Corporate Social Responsibility Report

Rhea-AI Summary

Thermo Fisher Scientific (NYSE:TMO) released its annual Corporate Social Responsibility report, emphasizing progress in environmental, social, and governance (ESG) objectives. Key highlights include a 12% reduction in Scope 1 and 2 emissions since 2018, commitment to net-zero emissions by 2050, and an increase in spending with underrepresented businesses from $1.3 billion to $2.0 billion. The company also engaged over 100,000 students in STEM programs and logged 105,000 volunteer hours globally.

Positive

• Achieved a 12% reduction in Scope 1 and 2 emissions compared to 2018.
• Commitment to net-zero emissions across the value chain by 2050.
• Increased spending with underrepresented businesses from $1.3 billion to $2.0 billion.
• Engaged over 100,000 students and 6,600 educators through STEM programming.

Negative

• None.

Report highlights progress toward environmental, social and governance objectives

WALTHAM, Mass.--(BUSINESS WIRE)-- Thermo Fisher Scientific Inc. (NYSE:TMO), the world leader in serving science, today released its annual Corporate Social Responsibility (CSR) report. The report highlights the company’s commitment to society and stakeholders providing detailed insight into the company’s CSR progress and environmental, social and governance (ESG) efforts.

(Graphic: Business Wire)

“Our Mission to enable our customers to make the world healthier, cleaner and safer guides all of our actions,” said Marc N. Casper, chairman, president and chief executive officer of Thermo Fisher Scientific. “Reducing our impact on the environment, fostering an inclusive culture and being active members of our communities gives our more than 100,000 colleagues the opportunity to make a difference every day.”

Highlights from the company’s annual CSR report include:

Environment

• Achieved 12% reduction in absolute Scope 1 and 2 emissions compared to 2018, putting the company ahead of schedule towards its 2030 target to reduce Scope 1 and 2 greenhouse gas emissions by 30%, even as it expanded global capacity in 2020 and 2021.
• Committed to net-zero emissions across its value chain by 2050, aligning the company’s climate strategy and goals with the Paris Agreement, and expanding on its existing 2030 target.

Operations

• Increased direct and indirect spending with small and traditionally underrepresented businesses from $1.3 billion to $2.0 billion. This is part of a Supplier Diversity Program designed to proactively promote more inclusive procurement practices that reflect the company’s customer base, employees and communities.
• Continued mobilization of company resources to accelerate development, manufacturing and distribution of products critical to the global pandemic response, becoming one of the largest testing suppliers to global relief organizations for use in more than 100 low- and middle-income countries.

Communities

• Reached more than 100,000 students and 6,600 educators through science, technology, engineering and math (STEM) programming across 21 countries.
• Volunteered more than 105,000 hours worldwide through local Community Action Councils.

Colleagues

• Advanced its diversity and inclusion strategy including demonstrated progress in improving representation within company leadership positions.

In reporting our CSR progress, the company considers internationally recognized standards, guidelines and reference frameworks including the Global Reporting Initiative (GRI) Sustainability Reporting Standards, United Nations Sustainable Development Goals (SDGs), the Value Reporting Foundation’s SASB Standards and the Task Force on Climate-related Financial Disclosures (TCFD). The company makes additional topic-specific ESG data available through CDP, EcoVadis, and the voluntary disclosure of its annual EEO-1 information.

Learn more at www.thermofisher.com/csr

About Thermo Fisher Scientific

Thermo Fisher Scientific Inc. is the world leader in serving science, with annual revenue of approximately $40 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, increasing productivity in their laboratories, improving patient health through diagnostics or the development and manufacture of life-changing therapies, we are here to support them. Our global team 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, Patheon and PPD. For more information, please visit www.thermofisher.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220601006295/en/

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

Source: Thermo Fisher Scientific Inc.

FAQ

What are the key highlights of Thermo Fisher Scientific's CSR report for TMO?

The CSR report highlights include a 12% reduction in Scope 1 and 2 emissions, a commitment to net-zero emissions by 2050, and increased spending with underrepresented businesses.

How much did Thermo Fisher Scientific spend with small businesses in 2022?

Thermo Fisher Scientific increased its spending with small and underrepresented businesses from $1.3 billion to $2.0 billion.

What is Thermo Fisher Scientific's target for emissions reduction?

Thermo Fisher aims to reduce its Scope 1 and 2 greenhouse gas emissions by 30% by 2030.

How many volunteer hours did Thermo Fisher Scientific employees log?

Thermo Fisher Scientific employees volunteered more than 105,000 hours worldwide.

What is Thermo Fisher Scientific's mission regarding sustainability?

Thermo Fisher Scientific's mission is to enable customers to make the world healthier, cleaner, and safer through their services and products.