Pfizer Announces Commitment to Accelerate Climate Action and Achieve Net-Zero Standard by 2040
- Pfizer aims to achieve net-zero targets ten years earlier than the expectations of the Net-Zero Standard
- Commitment is aligned with Pfizer’s Environmental, Social and Governance (ESG) priorities
- Pfizer also signs voluntary U.S. Department of Health & Human Services (HHS) pledge committing to reduce Greenhouse Gas (GHG) emissions and accelerate climate action
NEW YORK, June 30, 2022 — Pfizer Inc. (NYSE: PFE) today announced a commitment to further reduce Greenhouse Gas (GHG) emissions and aims to achieve the voluntary Net-Zero Standard by 2040, ten years earlier than the timeline described in the standard. As part of the commitment, Pfizer aims to decrease its GHG emissions by 95% and its value chain emissions by 90% from 2019 levels by 2040 through accelerating the transition away from fossil fuels and engaging suppliers to catalyze equivalent action.
“The window is closing to minimize the potentially catastrophic impact of climate change, which affects the health of our planet and that of people around the world,” said Pfizer Chairman and Chief Executive Officer Albert Bourla. “With urgency of action increasing, we firmly believe that our commitment to accelerate decarbonization of our value chain and achieve the Net-Zero standard – which aligns with Pfizer’s purpose and ESG priorities – can help drive positive change and build a healthier, more sustainable world.”
To accelerate GHG emission reductions, Pfizer recognizes that bold partner action and innovation is necessary to develop alternate technologies to enable reliable generation of heat and steam production to meet the demand of Pfizer’s manufacturing, R&D and commercial operations without fossil fuels. In addition, Pfizer plans to transition its fleet of vehicles to hybrid and electric alternates.
Pfizer also announced today that it has signed a pledge by the U.S. Department of Health and Human Services (HHS) that calls on stakeholders in the U.S. healthcare system – including hospitals, health systems, payers, suppliers and pharmaceutical companies – to reduce GHG emissions and build a more climate resilient healthcare infrastructure. By doing so, Pfizer commits to reduce GHG emissions and to publicly report on its progress as well as develop climate resiliency plans, among other actions. More details on the HHS pledge can be found here.
Pfizer was recognized as one of the signatories of the pledge at a June 22 White House event.
Pfizer’s Environmental Sustainability Journey
Pfizer’s commitment to further decarbonize builds on more than 20 years of environmental action, with the company delivering three generations of GHG reduction goals and realizing greater than a 60% reduction in company (Scope 1 & 2) emissions over the period 2000 – 2020. Pfizer was the first in the pharmaceutical sector to have its GHG emission reduction goals recognized in 2015 by the Science Based Targets initiative (SBTi), a recognized leader in the global effort to mitigate the climate crisis.
In 2020, Pfizer set its previous GHG emission goal to become carbon neutral by 2030 and to reduce Scope 1 & 2 GHG emissions by 46% by 2030 from a 2019 baseline, with the residual emissions addressed with verifiable carbon credits. Pfizer continues to make progress and remains committed to reducing Scope 1 & 2 GHG emissions by 46% by 2030 as an interim milestone toward its new Net-Zero 2040 goal.
To learn more about Pfizer’s ESG efforts, visit www.pfizer.com/ESG_Report.
Disclosure Notice: The information contained in this release is as of June 30, 2022. The Company assumes no obligation to update forward-looking statements contained in this release as the result of new information or future events or developments.
This release contains forward-looking statements about the Company’s commitment to further reduce Greenhouse Gas (GHG) emissions to achieve the voluntary Net-Zero Standard by 2040, the execution of the pledge by the U.S. Department of Health and Human Services to reduce GHG emissions and build a more resilient healthcare infrastructure and other environmental-related goals and targets, that involves substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Risks and uncertainties include, among other things, risks related to the ability to realize the anticipated goals, including the possibility that the goals will not be realized or will not be realized within the expected time period; risks related to our supply chain and manufacturing; the uncertainties inherent in business and financial planning, including, without limitation, risks related to Pfizer’s business and prospects, adverse developments in Pfizer’s markets, or adverse developments in the U.S. or global capital markets, credit markets, regulatory environment or economies generally; the impact of COVID-19 on our business, operations and financial results; and competitive developments.
A further description of risks and uncertainties can be found in Pfizer’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and in its subsequent reports on Form 10-Q, including in the sections thereof captioned “Risk Factors” and “Forward-Looking Information and Factors That May Affect Future Results”, as well as in its subsequent reports on Form 8-K, all of which are filed with the U.S. Securities and Exchange Commission and available at www.sec.gov and www.pfizer.com.
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