Pharmaceutical giant Pfizer announced a series of new climate commitments, including goals to reach net zero greenhouse gas (GHG) by 2040 alongside emissions reductions of 95% in its operations and 90% in its value chain. Pfizer’s new goals include the achievement of the Net Zero Standard, which was launched last year by the Science Based Targets initiative (SBTi) to assess and certify the company’s commitments to achieve net zero emissions through stringent criteria including decarbonization of 90-95% by 2050, with neutralization of residual emissions that are not yet possible to cut. Pfizer aims to achieve the standard ten years ahead of its requirements.

In order to reach its new goals, Pfizer aims to accelerate the transition away from fossil fuels and work with suppliers to take equivalent action. Pfizer stated that partner action and innovation are needed to develop the technologies to enable the generation of heat and steam production to meet the demand of its manufacturing, research & development, and commercial operations without fossil fuels. Pfizer also plans to transition its fleet of vehicles to hybrid and electric alternatives. The company has also signed a pledge by the U.S. Department of Health and Human Services (HHS) that calls on stakeholders in the U.S. healthcare system to reduce GHG emissions and build a more climate-resilient healthcare infrastructure. Through this, Pfizer commits to reduce GHG emissions, report on its progress, and develop climate resiliency plans.

Source: ESGToday