Philip Morris International Received Fourth Consecutive CDP ‘Triple-A’ Rating for Climate, Forest, and Water
06 February 2024 - 10:00PM
Business Wire
Announcement comes on the heels of PMI becoming
Early Adopter of the Taskforce on Nature-related Financial
Disclosures (TNFD)
For the fourth consecutive year, Philip Morris International
Inc. (PMI) (NYSE: PM) has received a “triple-A” rating from CDP for
its disclosures on climate change, forests, and water
security—placing PMI among the world’s leading companies in
environmental transparency and action.
PMI has maintained a position on CDP’s Climate A List for the
past 10 years, reflecting its commitment to transparency and
performance as the company progresses toward achieving its
science-based targets, as well as carbon neutrality for scope 1+2
by 2025, and net zero by 2040 for scope 1+2+3. PMI’s efforts to
halt deforestation, moving to zero net deforestation in managed
forests by 2030, have further been recognized by CDP, which placed
the company on its Forests A List for the fourth consecutive year.
This is the fifth year that PMI has been featured on CDP’s Water A
List as the company works toward its water optimization targets,
which include optimization of 10 million cubic meters of water in
its tobacco growing areas by 2030.
“External recognition from organizations like CDP encourages us
to continue our transformation journey and commitment to
sustainability. We are pleased PMI has received CDP’s ‘triple-A’
distinction for the fourth consecutive time,” said Scott Coutts,
Senior Vice President of Operations. “Clear and transparent
reporting of our progress helps us find new opportunities for
action, identify and tackle growing risks, and get ahead of
regulatory and policy changes.”
PMI is also committed to advancing the adoption of the Taskforce
on Nature-related Financial Disclosures (TNFD) recommendations and
intends to publish its first TNFD-aligned report for financial year
2025. Accordingly, PMI has been included in an inaugural cohort of
organizations that intend to become TNFD Early Adopters.
“We recognize the urgency to address climate change and protect
biodiversity, and this is why our decarbonization strategy and
progress are closely tied to preserving natural ecosystems,” said
Jennifer Motles, Chief Sustainability Officer. “We are proud to be
an early adopter of the TNFD framework and will be reporting on it
in 2025, which builds on the work we have already done to
incorporate climate-related risk and opportunities into our overall
business strategy and disclosure efforts, following the Taskforce
on Climate-related Financial Disclosures (TCFD)
recommendations.”
To access PMI’s latest reports such as PMI’s TCFD Report 2022,
PMI’s Low-Carbon Transition Plan, PMI’s Water & Biodiversity
Ambitions 2022, as well as additional information on its approach
to sustainability, please visit pmi.com/sustainability.
CDP
CDP is a global nonprofit that runs the world’s environmental
disclosure system for companies, cities, states, and regions.
Founded in 2000 and working with more than 680 financial
institutions with over $130 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. Nearly
20,000 organizations around the world disclosed data through CDP in
2022, including more than 18,700 companies worth half 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 toward 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
to find out more.
The Taskforce on Climate-related Financial Disclosures
(TCFD)
The Financial Stability Board (FSB) created the Taskforce on
Climate-related Financial Disclosures (TCFD) in 2015 to improve and
increase reporting of climate-related financial information.
Following the release of the taskforce’s 2023 Status Report, upon
request of the FSB, the TCFD has been disbanded. The FSB has asked
the IFRS Foundation to take over the monitoring of the progress of
companies’ climate-related disclosures.
For more information, please visit About | Taskforce on
Climate-Related Financial Disclosures (TCFD) (fsb-tcfd.org).
The Taskforce on Nature-related Financial Disclosures
(TNFD)
The Taskforce on Nature-related Financial Disclosures (TNFD) is
a market-led, science-based, and government-backed initiative
providing organizations with the tools to act on evolving
nature-related issues. The TNFD has developed a set of disclosure
recommendations and guidance for organizations to report and act on
evolving nature-related dependencies, impacts, risks, and
opportunities. The recommendations and guidance will enable
business and finance to integrate nature into decision-making, and
ultimately support a shift in global financial flows away from
nature-negative outcomes and toward nature-positive outcomes. After
two years of design and development in partnership with 20
knowledge partners and the benefit of extensive consultation with
market participants and other stakeholders, the TNFD launched its
final recommendations on September 18, 2023. With the
recommendations released, the taskforce now focuses its efforts on
encouraging and supporting voluntary market adoption and supporting
efforts to address the knowledge, capacity-building, and data needs
of market participants. Launched in 2021, the TNFD comprises of 40
senior executives drawn from leading financial institutions,
corporates, and market service providers, with combined assets of
over US$20 trillion. Twenty core knowledge partners from leading
science, standards, and data bodies feed into the work of the
taskforce. A group of over 1,300 organizations support the work of
the taskforce as institutional members of the TNFD Forum. For more
information, please visit The Taskforce on Nature-related Financial
Disclosures (tnfd.global).
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 has authorized versions of PMI’s IQOS
Platform 1 devices and consumables and Swedish Match’s General snus
as modified risk tobacco products. As of September 30, 2023, PMI’s
smoke-free products were available for sale in 82 markets, and PMI
estimates that approximately 19.7 million adults around the world
had already switched to IQOS and stopped smoking. Smoke-free
products accounted for approximately 36.2% of PMI’s total
third-quarter 2023 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 business, 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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Philip Morris International David Fraser T. +41 (0)58 242
4500 E. david.fraser@pmi.com
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