Acknowledged by CDP as a Global Environmental
Leader for Demonstrable Progress on Climate, Forests, and Water in
2021
Philip Morris International Inc. (PMI) (NYSE: PM) today, for the
second year in a row, announced it has been recognized as a global
environmental leader by CDP, a not-for-profit charity that runs a
global disclosure system for investors, companies, cities, and
regions to manage their environmental impacts.
PMI has been honored by the CDP’s “Triple A” score, recognizing
the company’s best-in-class environmental performance and
leadership in tackling climate change, as well as protecting
forests and water security. The ranking places PMI among the select
few to achieve the prestigious Triple A score and among the world's
most pioneering companies leading on environmental transparency and
performance.
“External validation from organizations like CDP encourages us
to continue on our journey to create a net-positive impact on
society. We are humbled PMI has received CDP’s ‘Triple A’
distinction for a second time,” said Jennifer Motles, Chief
Sustainability Officer. “As we continue to transform our business,
clear and transparent disclosure of our progress remains paramount.
This helps us get ahead of regulatory and policy changes, identify
and tackle growing risks, and find new opportunities for action
that our investors, consumers and other key stakeholders worldwide
are demanding.”
PMI is proud to be a full supporter of the Task Force on
Climate-related Financial Disclosures (TCFD), which the company has
been fully aligning with via its Integrated Report and CDP
submissions. Further, PMI has engaged on the development of the
parallel Task Force on Nature-related Financial Disclosures (TNFD),
recognizing the importance of protecting ecosystems and promoting
biodiversity conservation to tackle climate change.
Earlier this year PMI published its Low-Carbon Transition Plan
(LCTP) to provide a transparent and detailed view on how the
company aims to achieve its climate ambitions, measure success, and
report on progress. The LCTP fully aligns with TCFD requirements,
including the need to disclose actual and potential impacts of
climate-related risks and opportunities on our organization's
strategy and related governance around climate-related risks and
opportunities.
“As a company with a multinational environmental footprint, we
have a role to play in protecting our planet and are determined to
remain at the forefront of the climate-neutral agenda,” said
Massimo Andolina, SVP, Operations. “By recognizing PMI as a climate
leader, CDP encourages us to persist on our endeavors. We define
and execute strategies and initiatives that help us to reduce the
environmental impact across our value chain and we believe that
working collectively with tobacco growers, suppliers, retailers,
NGOs, and governments is crucial, implementing adaptation and
mitigation measures across our value chain to strengthen its
resilience to climate risks.”
PMI’s best-in-class performance on environmental issues is part
of its broader sustainability strategy that centers on addressing
the impact of its products and successfully phasing out cigarettes
to accelerate the end of smoking. This strategy is shaped by the
company’s formal sustainability materiality assessment, which PMI
uses to reassess which sustainability topics should be prioritized,
help meet stakeholders’ expectations, and focus efforts in areas
where it can create value and have the greatest impact.
Additional highlights around PMI’s efforts to reduce its
environmental footprint include:
- Five PMI factories have received carbon neutrality
certification, with the aim of having all factories certified by
2025
- Eleven factories have been certified by the Alliance for Water
Stewardship standard, with the aim of having all factories
certified by 2025
- PMI has developed a Zero Deforestation Manifesto to combat
deforestation and protect biodiversity, with the aim of having a
net positive impact on forests associated with its tobacco supply
chain by 2025
The biggest positive impact PMI can have on society is to
transform its business, and thus the company places this atop its
sustainability priorities. As PMI progresses toward achieving its
vision of a smoke-free future, it continues to enhance its
sustainability efforts and embed sustainability into every aspect
of its business. As reaffirmed by its Statement of Purpose, PMI
continues to focus its resources on developing, scientifically
substantiating, and responsibly commercializing smoke-free products
that are less harmful than smoking, with the aim of completely
replacing cigarettes as soon as possible.
The full list of companies on this year’s CDP A List, along with
other publicly available company scores, is available here:
www.cdp.net/en/companies/companies-scores.
Additional information on PMI’s sustainability activities is
available at PMI.com/Sustainability.
Forward-Looking and Cautionary Statements
This press release contains projections of future results and
other forward-looking statements. Achievement of future results is
subject to risks, uncertainties and inaccurate assumptions. In the
event that risks or uncertainties materialize, or underlying
assumptions prove inaccurate, actual results could vary materially
from those contained in such forward-looking statements. Pursuant
to the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995, PMI is identifying important factors
that, individually or in the aggregate, could cause actual results
and outcomes to differ materially from those contained in any
forward-looking statements made by PMI.
PMI's business risks include: excise tax increases and
discriminatory tax structures; increasing marketing and regulatory
restrictions that could reduce our competitiveness, eliminate our
ability to communicate with adult consumers, or ban certain of our
products in certain markets or countries; health concerns relating
to the use of tobacco and other nicotine-containing products and
exposure to environmental tobacco smoke; litigation related to
tobacco use and intellectual property; intense competition; the
effects of global and individual country economic, regulatory and
political developments, natural disasters and conflicts; changes in
adult smoker behavior; lost revenues as a result of counterfeiting,
contraband and cross-border purchases; governmental investigations;
unfavorable currency exchange rates and currency devaluations, and
limitations on the ability to repatriate funds; adverse changes in
applicable corporate tax laws; adverse changes in the cost,
availability, and quality of tobacco and other agricultural
products and raw materials, as well as components and materials for
our electronic devices; and the integrity of its information
systems and effectiveness of its data privacy policies. PMI's
future profitability may also be adversely affected should it be
unsuccessful in its attempts to produce and commercialize
reduced-risk products or if regulation or taxation do not
differentiate between such products and cigarettes; if it is unable
to successfully introduce new products, promote brand equity, enter
new markets or improve its margins through increased prices and
productivity gains; if it is unable to expand its brand portfolio
internally or through acquisitions and the development of strategic
business relationships; or if it is unable to attract and retain
the best global talent. Future results are also subject to the
lower predictability of our reduced-risk product category's
performance.
PMI is further subject to other risks detailed from time to time
in its publicly filed documents, including the Form 10-Q for the
quarter ended September 30, 2021. PMI cautions that the foregoing
list of important factors is not a complete discussion of all
potential risks and uncertainties. PMI does not undertake to update
any forward-looking statement that it may make from time to time,
except in the normal course of its public disclosure
obligations.
Philip Morris International: Delivering a Smoke-Free
Future
Philip Morris International (PMI) is leading a transformation in
the tobacco industry to create a smoke-free future and ultimately
replace cigarettes with smoke-free products to the benefit of
adults who would otherwise continue to smoke, society, the company,
its shareholders and other stakeholders. PMI is a leading
international tobacco company engaged in the manufacture and sale
of cigarettes, as well as smoke-free products, associated
electronic devices and accessories, and other nicotine-containing
products in markets outside the U.S. In addition, versions of PMI's
IQOS Platform 1 device and consumables have received marketing
authorizations from the U.S. Food and Drug Administration (FDA)
under the premarket tobacco product application (PMTA) pathway; the
FDA has also authorized the marketing of a version of IQOS and its
consumables as a Modified Risk Tobacco Product (MRTP), finding that
an exposure modification order for these products is appropriate to
promote the public health. PMI is building a future on a new
category of smoke-free products that, while not risk-free, are a
much better choice than continuing to smoke. Through
multidisciplinary capabilities in product development,
state-of-the-art facilities and scientific substantiation, PMI aims
to ensure that its smoke-free products meet adult consumer
preferences and rigorous regulatory requirements. PMI's smoke-free
product portfolio includes heat-not-burn products,
nicotine-containing vapor products and oral nicotine products. As
of September 30, 2021, PMI's smoke-free products are available for
sale in 70 markets in key cities or nationwide, and PMI estimates
that approximately 14.9 million adults around the world have
already switched to IQOS and stopped smoking. For more information,
please visit www.pmi.com and www.pmiscience.com.
About CDP
CDP (formerly known as the Climate Disclosure Project) is a
global non-profit that runs the world’s environmental disclosure
system for companies, cities, states and regions. Founded in 2000
and working with more than 590 investors with over $110 trillion in
assets, CDP pioneered using capital markets and corporate
procurement to motivate companies to disclose their environmental
impacts, and to reduce greenhouse gas emissions, safeguard water
resources and protect forests. Over 14,000 organizations around the
world disclosed data through CDP in 2021, including more than
13,000 companies worth over 64% of global market capitalization,
and over 1,100 cities, states and regions. Fully TCFD aligned, CDP
holds the largest environmental database in the world, and CDP
scores are widely used to drive investment and procurement
decisions towards a zero carbon, sustainable and resilient economy.
CDP is a founding member of the Science Based Targets initiative,
We Mean Business Coalition, The Investor Agenda and the Net Zero
Asset Managers initiative. Visit cdp.net or follow us @CDP to find
out more.
The full methodology and criteria for the A List is available on
CDP’s website at:
https://www.cdp.net/en/companies/companies-scores.
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Philip Morris International David Fraser T. +41 (0)58 242 4500
E. david.fraser@pmi.com
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