Philip Morris International Releases First TCFD Report, Recognized as Supplier Engagement Leader by CDP
April 19 2023 - 4:09AM
Business Wire
Report follows recommendations and
implementation guidance of the Task Force on Climate-related
Financial Disclosures
As Philip Morris International Inc. (PMI) (NYSE: PM) strives to
remain at the forefront of a fast-evolving environmental, social,
and governance (ESG) reporting landscape, the company today
released its first-ever TCFD Report to respond to the
implementation guidance of the Task Force on Climate-related
Financial Disclosures (TCFD). The report’s findings were informed
by a structured Climate Change Risk and Opportunity (CCRO)
assessment that PMI conducted in 2022, with guidance from an
external expert organization and in line with TCFD’s
recommendations, to identify relevant climate-related risks and
opportunities.
“Stakeholder expectations of businesses are shifting, and
regulatory developments are moving forward at pace,” explained
Emmanuel Babeau, Chief Financial Officer. “Companies are expected
to demonstrate commendable behavior and transparency, providing
trustworthy information on their impacts along the value chain and
meeting mandatory reporting requirements in a range of
jurisdictions. Accordingly, PMI continues to promote transparency
by reporting against the most relevant and widely used
sustainability standards.”
“For a business like ours—with a diversified agricultural supply
chain that is sensitive to climate change—abrupt climate variations
can endanger physical infrastructure and supply chains,” said Scott
Coutts, Senior Vice President, Operations. “However, addressing the
global challenge of climate change also presents opportunities. To
realize these opportunities, PMI, alongside many of our suppliers,
is working within a global context which is aiming to stabilize the
global temperature rise to below the internationally agreed 1.5°C
scenario. We understand the potential impacts of climate change
across all areas of our operations, particularly upstream in our
supply chain.”
PMI has been a supporter of the TCFD since 2021. In recent
years, various elements of the company’s publicly available
disclosure—such as its annual Integrated Report, CDP Climate
disclosure, or annual report on Form10-K—already aligned with much
of TCFD’s recommendations. Building on its CCRO assessment
completed in 2022, PMI’s TCFD Report now compiles relevant
information in one place and will continue to strengthen the
company’s capacity to mitigate climate-related risks.
“We are proud to publish this report, which presents how we are
implementing TCFD’s recommendations. It outlines the progress made
to date toward our goal of incorporating climate-related risk and
opportunity identification and management into our overall business
strategy and disclosure efforts,” said Jennifer Motles, Chief
Sustainability Officer. “It complements our Low-Carbon Transition
Plan, published in 2021, which provides a transparent and detailed
view on how we plan to achieve our climate ambitions, measure
success, and report on progress, as we adapt our business model to
succeed in a net-zero carbon economy.”
PMI’s strategies to Tackle Climate Change and Preserve Nature
have been recognized by CDP, a not-for-profit charity that runs a
global disclosure system for investors, companies, cities, and
regions to manage their environmental impacts. In March 2023 and
for the sixth consecutive year, PMI was included in CDP’s Supplier
Engagement Leaderboard, distinguishing it as a global leader for
engaging with suppliers on climate change and recognizing the
effort PMI has put toward decarbonization, a key component in
achieving its scope 3 ambitions. Additionally, in December 2022,
for the third successive year, CDP awarded PMI the prestigious
“Triple A” rating for the company’s performance in tackling climate
change, protecting forests, and ensuring water security—placing it
among the world’s most pioneering companies in environmental
transparency and performance.
Earlier this month, PMI published its fourth annual Integrated
Report 2022, which aims to provide an objective description of the
company’s business model, strategy, performance, governance, and
prospects in relation to its priority economic and ESG topics. To
access PMI’s latest reports, as well as additional information on
its approach to sustainability, please visit
pmi.com/sustainability.
Philip Morris International: Delivering a Smoke-Free
Future Philip Morris International (PMI) is a leading
international tobacco company working to deliver a smoke-free
future and evolving its portfolio for the long term to include
products outside of the tobacco and nicotine sector. The company’s
current product portfolio primarily consists of cigarettes and
smoke-free products. Since 2008, PMI has invested more than USD
10.5 billion to develop, scientifically substantiate, and
commercialize innovative smoke-free products for adults who would
otherwise continue to smoke, with the goal of completely ending the
sale of cigarettes. This includes the building of world-class
scientific assessment capabilities, notably in the areas of
pre-clinical systems toxicology, clinical and behavioral research,
as well as post-market studies. In November 2022, PMI acquired
Swedish Match—a leader in oral nicotine delivery—creating a global
smoke-free champion led by the companies’ IQOS and ZYN brands. The
U.S. Food and Drug Administration (FDA) has authorized versions of
PMI’s IQOS Platform 1 devices and consumables and Swedish Match’s
General snus as modified risk tobacco products (MRTPs). As of
December 31, 2022, PMI’s smoke-free products were available for
sale in 73 markets, and PMI estimates that approximately 17.8
million adults around the world had already switched to IQOS and
stopped smoking. Smoke-free products accounted for approximately
32% of PMI’s total full-year 2022 net revenues. With a strong
foundation and significant expertise in life sciences, PMI
announced in February 2021 its ambition to expand into wellness and
healthcare areas and, through its Vectura Fertin Pharma subsidiary,
aims to enhance life through the delivery of seamless health
experiences. For more information, please visit www.pmi.com and
www.pmiscience.com.
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David Fraser Philip Morris International +41 (0)58 242 4500
david.fraser@pmi.com
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