Viatris Announces Approval of Emissions Reduction Targets by the Science Based Target initiative (SBTi)

Rhea-AI Summary

On December 14, 2022, Viatris Inc. (NASDAQ: VTRS) announced that its emissions reduction targets received approval from the Science Based Targets initiative (SBTi). The company aims to reduce absolute scope 1 and 2 greenhouse gas emissions by 42% by 2030, from a 2020 baseline, and absolute scope 3 emissions by 25% in the same timeframe. Viatris emphasized its commitment to sustainability, aligning its operations with climate science while ensuring reliable medicine supply. This initiative is part of Viatris' broader sustainability goals established earlier this year.

Positive

• Approval of emissions reduction targets by SBTi enhances Viatris' sustainability credibility.
• Commitment to reduce absolute scope 1 and 2 greenhouse gas emissions by 42% by 2030.
• Plan to reduce absolute scope 3 emissions by 25% within the same timeframe.

Negative

• None.

PITTSBURGH, Dec. 14, 2022 /PRNewswire/ -- Viatris Inc. (NASDAQ: VTRS), a global healthcare company, today announced that its near-term science-based emissions reduction targets have been approved by the Science Based Targets initiative (SBTi). SBTi is a global body enabling businesses to set ambitious emissions reduction targets in line with the latest climate science. 

Viatris President Rajiv Malik said, "This approval from SBTi marks an important milestone in Viatris' ongoing commitment to sustainable operations. We monitor our progress regularly, evaluating greenhouse gas reductions and emission reduction strategies annually. We are committed to minimizing our impact on the environment while safeguarding a reliable supply of medicine." 

Viatris announced its initial companywide sustainability goals, including environmental targets, earlier this year. The SBTi classified Viatris' scope 1 and 2 target ambition and has determined that it is in line with a 1.5°C trajectory, a worldwide goal of limiting global warming. The company's climate targets are: 

• Viatris commits to reduce absolute scope 1 and 2 GHG emissions 42% by 2030 from a 2020 base year.* Viatris Inc. also commits to reduce absolute scope 3 GHG emissions covering purchased goods and services, capital goods, fuel and energy related activities, and upstream transportation and distribution 25% within the same timeframe.
  *The target boundary includes land-related emissions and removals from bioenergy feedstocks. 

These efforts include systematic work to reduce carbon emissions, increasing the use of renewable energy, enhancing efficiency in our own operations and working with partners to encourage their efforts. We are also working to protect our employees and operations from the impact of climate change through effective planning, risk mitigation and building resilience against the impact of extreme weather and providing or deploying appropriate technologies and processes that ensure minimal impact on the climate. 

Viatris Head of Corporate Affairs Lara Ramsburg said, "Through our dedicated and passionate global workforce, Viatris is making important progress on the targets validated by SBTi which support our commitment to sustainably providing access to high-quality medicines. Since environmental and human health are interconnected, climate change mitigation and adaptation are key components of protecting the resiliency of our supply chain, the health and well-being of patients we serve and the communities on which we depend." 

SBTi is a partnership between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). The SBTi call to action is one of the We Mean Business Coalition commitments. The initiative 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. 

As a global healthcare company, sustainability is at the core of Viatris' business and purpose. To learn more about Viatris' efforts and how the company is partnering with stakeholders throughout the globe to address some of the world's most pressing health, environmental and social issues, please read the company's 2021 Sustainability Report, which outlines the company's 2021 progress, achievements and commitments across key areas including access and global health, employees, environmental stewardship and community engagement. 

About Viatris 
Viatris Inc. (NASDAQ: VTRS) is a global healthcare company empowering people worldwide to live healthier at every stage of life. We provide access to medicines, advance sustainable operations, develop innovative solutions and leverage our collective expertise to connect more people to more products and services through our one-of-a-kind Global Healthcare Gateway®. Formed in November 2020, Viatris brings together scientific, manufacturing and distribution expertise with proven regulatory, medical, and commercial capabilities to deliver high-quality medicines to patients in more than 165 countries and territories. Viatris' portfolio comprises more than 1,400 approved molecules across a wide range of therapeutic areas, spanning both non-communicable and infectious diseases, including globally recognized brands, complex generic and branded medicines, and a variety of over-the-counter consumer products. With approximately 37,000 colleagues globally, Viatris is headquartered in the U.S., with global centers in Pittsburgh, Shanghai and Hyderabad, India. Learn more at viatris.com and investor.viatris.com, and connect with us on Twitter at @ViatrisInc, LinkedIn and YouTube. 

Forward-looking Statements 
This press release includes statements that constitute "forward-looking statements." These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward looking statements may include statements about sustainability initiatives; Viatris' commitment to minimizing our impact on the environment while safeguarding a reliable supply of medicine; Viatris' commitment to reducing absolute scope 1 and 2 GHG emissions 42% by 2030 from a 2020 base year and reducing absolute scope 3 GHG emissions covering purchased goods and services, capital goods, fuel and energy related activities, and upstream transportation and distribution 25% within the same timeframe. Factors that could cause or contribute to such differences include, but are not limited to: our other strategic initiatives, including potential and completed divestitures, and restructuring initiatives may not achieve their intended benefits within the expected timeframe or at all; the implementation of our global restructuring initiatives and integration activities being more difficult, time consuming or costly than expected, or being unsuccessful; the potential impact of public health outbreaks, epidemics and pandemics, including the ongoing challenges and uncertainties posed by the COVID-19 pandemic; actions and decisions of healthcare and pharmaceutical regulators; changes in healthcare and pharmaceutical laws and regulations in the U.S. and abroad; any regulatory, legal or other impediments to Viatris' ability to bring new products to market, including but not limited to "at-risk" launches; Viatris' or its partners' ability to develop, manufacture, and commercialize products; the scope, timing and outcome of any ongoing legal proceedings, and the impact of any such proceedings; any significant breach of data security or data privacy or disruptions to our information technology systems; risks associated with international operations; the ability to protect intellectual property and preserve intellectual property rights; changes in third-party relationships; the effect of any changes in Viatris' or its partners' customer and supplier relationships and customer purchasing patterns; the impacts of competition; changes in the economic and financial conditions of Viatris or its partners; uncertainties and matters beyond the control of management, including general economic conditions; and the other risks described in Viatris' filings with the Securities and Exchange Commission (SEC). Viatris routinely uses its website as a means of disclosing material information to the public in a broad, non-exclusionary manner for purposes of the SEC's Regulation Fair Disclosure (Reg FD). Viatris undertakes no obligation to update these statements for revisions or changes after the date of this release other than as required by law. 

 

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SOURCE Viatris Inc.

FAQ

What are Viatris' emissions reduction targets approved by SBTi?

Viatris aims to reduce absolute scope 1 and 2 greenhouse gas emissions by 42% by 2030 and scope 3 emissions by 25% within the same timeframe.

When did Viatris announce the approval of its emissions reduction targets?

Viatris announced the approval on December 14, 2022.

What is the significance of SBTi's approval for Viatris?

The approval signifies Viatris' commitment to sustainable practices and aligning its operations with climate science.

How does Viatris plan to achieve its emissions reduction goals?

Viatris plans to enhance efficiency, increase renewable energy usage, and work with partners to reduce carbon emissions.