Pfizer Announces Commitment to Accelerate Climate Action and Achieve Net-Zero Standard by 2040
NEW YORK — 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.